New emergency measures will include payment breaks of up to six months on loans, credit cards, motor finance, rent to own, buy-now pay-later, pawnbroking and high-cost short-term credit
Millions of struggling households will be able to apply for extra support on their loans and debt repayments as a result latest coronavirus lockdown measures, the Financial Conduct Authority has announced.
This will include payment breaks on loans, credit cards, motor finance, rent to own, buy-now pay-later, pawnbroking and high-cost short-term credit, the regulator said.
In a statement on Monday, the FCA said it’s in talks to extend measures to support those will be impacted by latest restrictions.
It will be followed by new measures for those struggling to keep up with mortgage repayments later on Monday.
It comes as Boris Johnson announced a new national lockdown that will start at midnight on Thursday and include forced closures of all non-essential shops and businesses.
The government’s furlough scheme – which was due to end on October 31 – will also be extended.
