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Car finance and payday loans repayments can be frozen for up to three months due to coronavirus

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STRUGGLING payday loan and car finance borrowers have been offered up to three month payment holidays if their finances have taken a hit due to coronavirus. The Financial Conduct Authority (FCA) ha…

The FCA says this could be one single payment at the end of the term or by a number of smaller instalments.

With rent to own, which is where borrowers pay a monthly fee for household goods such as TVs and fridges, the FCA says firms should not repossess goods being used during the payment freeze. The FCA adds that if social distancing means pawnbrokers and rent to own firms are unable to redeem, collect or repossess goods, they should not pass on any additional charges or fees to borrowers.

If a customer is unable to start making payments again at the end of a payment deferral period, they should contact their lender.

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