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• granting a concession to the agreement’s terms (which does not contractually change the agreement’s terms). It is this latter approach (which is commonly used for very good reasons) which often causes a NOSIA to be issued because the agreement’s terms remain the same and, as a consequence, the customer is technically (for the purposes of NOSIA triggers) ‘in arrears’ (despite what the guidance says).
But there is no suggestion by the FCA that it intends to lobby HM Treasury to introduce legislation to change the rules on when a NOSIA is triggered.
Yes—both the Finance and Leasing Association and UK Finance are lobbying HM Treasury for urgent legislation to make entering into a modifying agreement more straight-forward. If such legislation is made (and there are very good reasons for these changes), it will allow firms to enter into modifying agreements instead of giving concessions to customers. The key advantage of such an approach is that a NOSIA will be triggered based on the new contractual terms. This means the customer will not be ‘in arrears’ under the guidance or under CCA 1974 so long as they keep to the terms of the modified agreement.
This Q&A states the position as at 5 May 2020.
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