Payment Holiday For Car Finance Customers During Coronavirus
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Drivers with car finance deals and borrowers who have taken out payday loans will be able to request payment holidays to give them breathing space during the Covid-19 crisis.
The Financial Conduct Authority said it was pressing ahead with the package of proposals to support people facing payment difficulties because of the pandemic.
Breathing space: Drivers with car finance deals will be able to request payment holidays
The measures, which come into force from Monday, mean customers will be able to request a temporary suspension of their payments for up to three months, with the scheme covering motor finance, buy-now-pay-later, rent-to-own and https://businesslogr.com/payday-loans-in-maryland-no-credit-check/ pawnbroking agreements.
For high-cost short-term credit - including payday loans - payments will be frozen for one month with no additional interest charged.
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Christopher Woolard, interim chief executive at the FCA, said: 'We have worked at pace to introduce temporary financial relief tailored for a range of specific credit products.
'Many firms are already working with their customers, but these measures ensure all consumers affected by the coronavirus emergency can apply for a temporary freeze on their payments.'
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