During the time when a sell and rent back plan is being offered to a client in the United Kingdom a cooling off period is going to be required. This is a period that works in that a firm must not contact a client about a plan during a certain period of time. This is used to help with giving the client a time to independently determine if a sell and rent back offer is right for one’s needs with regards to avoiding repossession.
The cooling off period with this offer will start at the moment that the pre-offer document is given out to the client. This is a period of time that will last for fourteen days so that the client will be able to have enough time to go over the review the entire document and all othe 期間工 things that are attached to it. The period is long enough so that it will be easier for a person to have an idea of what needs to be done and what is going to be going into one’s needs. Figuring this information out will be important for any client to do and the cooling off period will be used to get this figured out for one’s needs.
After the document is given to the client the provider cannot communicate with the client for fourteen days. Standard communication can resume after this period of time has ended though. The reason for this time frame is that the client will need to have some time to figure out all of the factors that go into a sell and rent back offer. This is done in accordance in FSA rules in that it works to help with keeping a client from having to deal with pressures that a provider would give if this period of time was not put into effect.
During the cooling off period the provider of the sell and rent back plan will not be allowed to try and charge a client anything. In fact the only fees and other charges that are going to be used in this plan will be ones that occur after a client has sold one’s property and gotten into a sell and rent back plan as soon as the cooling off period has ended. Besides, the communication that is going to be used in this period of time should be used to help with keeping charges from being added.
Of course there is always the possibility that a sell and rent back provider will try and contact the client who is interested in the plan during the cooling off period. However, FSA rules state that is a provider is going to try and contact a client during this time the provider must be sure that all data is presented factually and that any questions that are being asked by a client are being answered in a fair and balanced manner. Any attempts to try and use any types of communication that could persuade a client to act or to influence one’s opinion in any way will be prohibited.
The cooling off period is a valuable time in the sell and rent back process. This period works to help with allowing a client to see if a sell and rent back plan is right for one’s needs. It will be important to take a look at how this period works so that a customer will understand what is going on with a sell and rent back plan and also so that the customer can make one’s own decision on this type of plan.
Steven Martin is a FSA interim authorised provider of Sell and rent back [http://www.quickpurchase.co.uk/content/sell-and-rent-back] and also provides a Quick property sale and Stop repossession service. He works at [http://www.quickpurchase.co.uk].