Impacted by Coronavirus? You can freeze loan and credit card payments up to 3 months
The Financial Conduct Authority (FCA) has announced plans to freeze loan and credit card payments for up to three months as part of emergency measures for consumers impacted by the coronavirus outbreak.
The plans will come in to force in April, with the process being fast tracked “given the national emergency and the significant impact on consumers’ finances right now”.
The proposals include a temporary freeze on loan and credit card payments for consumers who are facing financial difficulties as a result of the outbreak.
The FCA said consumers who were also at risk of having their credit cards suspended because of the regulator’s new affordability rules would not lose access to their accounts.
Other benefits announced by the FCA include zero interest for three months on up to £500 for customers affected by coronavirus using an arranged overdraft.