Struggling car finance and payday loan customers can freeze payments until November

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CAR finance and high cost credit borrowers can now extend payment freezes until November. The city watchdog has announced a raft of measures to help struggling consumers when their repayment holida…

Repossessions on buy now, pay later and car finance have been banned for three monthsThe new rules apply to payday loans, car finance, rent to own, buy now pay later and pawnbroking customers.freeze car finance and payday loans repaymentsChristopher Woolard, interim chief executive at the FCA, said: “Our measures will ensure that people who are still facing temporary payment difficulties because of this pandemic, continue to have access to the help they need.

If you took a payment holiday - your provider will contact you to find out if you can start repaying.Here's all the new rules for each type of borrowing.Payday loan borrowers are allowed to request a payment and interest freeze of at least a month. Now, the FCA says firms should freeze or reduce payments to a level customers can afford for an additional three months, until November.

If the redemption period has already ended, your pawnbroker has to agree not to serve notice to sell your items from another three months.

 

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