Prohibit repossessed assets from being sold for less than the finance owed

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Prohibit repossessed assets from being sold for less than the finance owed

Petition Details

The Government should prohibit any assets repossessed from companies or individuals being resold for less than the finance owed on the asset. Many businesses have suffered lack of business from Covid-19. This is a particular issue for businesses that buy assets such as coaches on finance.

Additional Information

Finance companies are selling repossessed assets for less than their value or debt. As they are personal loans in some cases, the individual is still liable for the deficit. Potentially losing their home when the asset was worth much more. The coach industry is collapsing and when recovery from Covid-19 is needed, income from tourism won't have the infrastructure to aid the economic recovery to the fullest extent possible.

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