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1 July, 2020 Open access

FCA confirms further support for users of consumer credit who are still experiencing payment difficulties due to coronavirus

Guidance, which comes into force on 3 July 2020, includes extension of period during which people can request payment freeze to 31 October 2020

The Financial Conduct Authority (FCA) has confirmed the further support that users of consumer credit will receive if they are still experiencing payment difficulties due to the coronavirus (COVID-19).

Setting out new guidance to lenders supplying credit cards and other retail revolving credit, such as store cards and catalogue credit, personal loans and overdrafts, the FCA confirms that -

Commenting on the guidance, which comes into force on 3 July 2020, Interim Chief Executive at the FCA Christopher Woolard said today -

'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.'

For more information, including links to the new guidance, see FCA confirms further support for consumer credit customers from fca.org.uk