Britain extends help to coronavirus-hit borrowers

FAN Editor
The outbreak of the coronavirus disease (COVID-19) in London
FILE PHOTO: People walk during the morning rush hour in the financial district of Canary Wharf amid the outbreak of the coronavirus disease (COVID-19) in London, Britain September 28, 2020. REUTERS/Toby Melville

November 2, 2020

LONDON (Reuters) – Britain’s financial watchdog on Monday extended payment holidays on credit cards, car finance, personal loans and pawned goods ahead of tougher coronavirus restrictions later this week.

Consumers who have not yet had a payment deferral under guidance issued in July can request one that lasts for up to six months, the Financial Conduct Authority said in a statement.

For high-cost short term credit like payday loans, consumers could apply for a payment deferral of one month if they have not already had one, the FCA said.

(Reporting by Huw Jones; Editing by Rachel Armstrong)

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