News Formal

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

  • 📰 TheSun
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 61%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 64. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Billionaire’s car company gets $4.1m in small business stimulus cash‘Nikola is a pre-revenue company with a lot of expenses and burn rate is high’ Seeking help to edit my book, also publishers. I have an American publisher interested How do we effect system change on this greed!
Source: The Independent - 🏆 80. / 59 Read more »