If you are a secured loan lender the chances are you are not reading this, but out repossessing somebody’s home, or at least that is the impression that everyone seems to have.
There’s still the perception that secured loan lenders are the ones that are the quickest to repossess and are often depicted as vultures scouring around a property waiting to dive in at the first sign of missed payments.
Public opinion has changed slightly over the years and with all the talk of repossession lately it has been the mortgage lenders that are coming into the firing line for pulling the plug on people’s properties.
It will be interesting to see how the government reacts to its repossession protocol and how they intend to slot this in with anybody who has a secured loan.
If it really is secured loan lenders that are the ones forcing people out of their homes then would the government not need to also make all the secured lenders agree to not repossess a property for the next two years.
The Treasury’s response when asked about its repossession masterplan and what this means for people with secured loans was that it would sort the finer detail of the plan out later.
It might want to sort it out sooner rather than later though if it is going to put its plan into action.
It will be interesting to see how secured loan lenders react to any plea from the government to halter repossessions.
The Finance and Leasing Association is also waiting with bated breath to see whether secured loan lenders will play a part in the repossession plans.
If it is indeed them that are guilty of repossession then it is surprising the government should also cater for secured loan lenders in its plans.
As with most things, the devil will be in the detail when it comes to the government’s repossession plan.
On the plus side if the government excludes secured loan lenders from its measures it will go some way in proving the point that secured loan lenders are not first to repossess.