FCA Extends Payment Holidays For Car Finance And Loans

Law360, London (July 15, 2020, 3:05 PM BST) -- Britain's finance watchdog said Wednesday it has extended payment freezes and loan holidays to consumers with credit products such as payday loans and car finance who are struggling to get back on their feet in the wake of the COVID-19 pandemic.

The Financial Conduct Authority said lenders offering motor finance, buy-now-pay-later, rent-to-own, pawnbroking and high-cost, short-term credit products should continue to offer assistance to consumers still struggling to pay due to the economic fallout of the pandemic until the end of October.

"Our measures will ensure that people who are still facing temporary payment difficulties because of this pandemic continue to...

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