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Motorists who have fallen behind on credit payments for vehicles can yet again have their motors seized by lenders after the regulator announced the end of a repossession ban introduced during the pandemic.
The Financial Conduct Agency had introduced the special measures due to the exceptional financial hardship as a result of Covid-19.
It has this week confirmed that the ban will be lifted for cars and other products after 31 January, thought it has proposed for the restriction on repossession of homes to be extended to 31 March.
Car repossessions to restart: The FCA has drawn out plans for vehicle finance lenders to recommence seizing vehicles from customers who have fallen behind on repayments