Northern Rock Takes Repossession Extension on Board
Following on from yesterday’s post regarding the RBS extending the allowance of missed payments prior to repossession, Northern Rock has followed suit. Although they are clear that this will not greatly impact their current processes as on average, they work with their customers for a period of 15 months from when they first fall into arrears. Northern Rock chief executive Gary Hoffman states:
“In the vast majority of cases, where repossession regrettably does take place, we have been working with the customer for well over six months. We will now formalise our policy and agree not to repossess a property for a period of at least six months from the point of arrears.”
RBS has recently been critisized in the press for the 6 month package being regarded as a marketing ploy.
Read more - Northern Rock follows RBS with six-month reprive
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