FCA confirms further support for consumer credit customers

The Financial Conduct Authority (FCA) has confirmed further support for users of certain consumer credit products if they are experiencing temporary payment difficulties due to the coronavirus pandemic.

The measures outline the options firms will provide for credit card, revolving credit and personal loan customers who are coming to the end of a payment freeze. They also outline options for customers who have agreed an arranged interest-free overdraft of up to £500.

In addition, customers yet to request a payment freeze or an arranged interest-free overdraft of up to £500 will have until 31 October 2020 to apply for one.

According to UK Finance, its members have offered over 27 million interest-free overdrafts, provided 992,400 payment deferrals on credit cards and 686,500 payment deferrals on personal loans during the pandemic.

Christopher Woolard, Interim Chief Executive at the FCA, said:

'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 today ensures there is help and further support.'

Internet link: FCA press release

Address

Graham Associates (International) LTD, 180 Piccadilly, London W1J 9HF
Graham Associates (International) LTD, San Marco House, Craig Yr Eos Road, Ogmore By Sea, South Glamorgan CF32 OPG
Graham Associates (International) LTD, 9595 Wilshire Blvd Suite, 900 PMB #155 Beverly Hills, California 90212

Contact us today!

0207 917 1727

© 2020 Graham Associates (International) LTD. All rights reserved. powered by totalSOLUTION
Registered office address: Graham Associates (International) LTD, 180 Piccadilly, London W1J 9HF

We use cookies on this website, you can find more information about cookies here.