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

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.

Singapore Singapore Latest News, Singapore Singapore 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 »