Car finance and payday loan borrowers given more time to repay loans

CAR finance and high cost credit borrowers are to be given more help when their repayment holidays come to an end.

But as these loan holidays are now coming to an end, customers who can't afford to continue with repayments need more help. Mr Woolard added: "For those who have already taken a payment freeze and can afford to start making payments, even partially, it is in their best interest to do so, but for those that need help it will be there.”Payday loans - suspend interest payments or accept token repaymentsAfter the freeze, firms were told to allow borrowers to repay loans in an affordable way.

Forbearance measures include suspending, reducing, waiving or cancelling further interest or charges, deferring payment of arrears, or accepting token payments for a reasonable period of time. For borrowers with a rent to own, buy now pay later, or pawnbroking agreement, firms have already been told to offer a three-month payment freeze.

Meanwhile, pawnbrokers should extend the redemption period for an additional three months too or, if the redemption period has already ended, agree not to serve notice to sell an item that has been pawned for an extra three months.

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