3rd July 2020

The Financial Conduct Authority(FCA) confirms further support for consumer credit customers
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The FCA has confirmed the support users of certain consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus (Covid-19).
The
easures outline the options firms will provide credit card and other revolving credit(store card and catalogue credit) and personal loan customers who are coming to the end of a payment freeze and for customers who have agreed an arranged interest-free overdraft of up to £500. Customers yet to request a payment freeze or an arranged interest-free overdraft of up to £500, will have until 31st October 2020 to apply for one.

Christopher Woolard, Interim Chief Executive at the FCA, comments “Since the coronavirus crisis began, we have made support available for those borrowers financially affected by the pandemic. For those who are now in a position to restart payments, it will be in their best interests to do so. But for those who still need it, the package we are confirming ensures there is help and further support.”