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Payment holidays for credit card and personal loan customers to be extended by six months

Payment holidays for credit card and personal loan customers to be extended by six months

PAYMENT holidays for struggling credit card and personal loans customers are being extended by up to six months.The Financial Conduct Authority has to

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PAYMENT holidays for struggling credit card and personal loans customers are being extended by up to six months.

The Financial Conduct Authority has today confirmed the support, which was first outlined earlier this month.

Payment holidays for loans, credit cards, car finance and pay day loans are being extended, the financial regulator has confirmed

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Payment holidays for loans, credit cards, car finance and pay day loans are being extended, the financial regulator has confirmedCredit: Alamy

The payment holidays can also be taken on rent-to-own agreementsbuy-now-pay-later schemes and pawnbroking.

The extension will be available for any household that hasn’t already had a payment break of more than six months.

If you’re on a payment holiday at the moment, and it’s due to last for fewer than six months, you’ll be allowed to extend it.

But households that have already paused their repayments for six months won’t be entitled to another break.

Instead, lenders are being asked to provide tailored support – although this could be reported on your credit file.

The extension comes after the regulator told lenders in March to pause payments for three months for customers whose finances had been negatively affected by the coronavirus crisis.

In July, the Financial Conduct Authority (FCA) then extended these breaks, which were due to end on Saturday, October 31.

But the support has now been extended once again after England went into a month-long lockdown from November 5.

More to follow…

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This post first appeared on thesun.co.uk

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