11:32 AM, 2nd November 2020, About 3 years ago
To support borrowers affected by the new emergency lockdown the FCA will propose that consumer credit customers who have not yet had a payment deferral under the July guidance can request one. The deferred payment term can be for up to 6 months and borrowers who are currently benefiting from a first payment deferral would be able to apply for a second deferral.
The FCA confirmed it is important customers who can afford to do so continue to make repayments. Borrowers should only take up this support if they need it.
The FCA will work with trade bodies and lenders on how to implement these proposals as quickly as possible and will make another announcement shortly.
However, consumer credit customers should not contact their lender just yet. Lenders will provide information soon on what this means for their customers and how to apply for this support if our proposals are confirmed.
Consumer credit customers who have already benefited from payment deferrals and are still experiencing payment difficulties should speak to their lender to agree on tailored support.