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The Financial Conduct Authority (FCA) has announced proposals to help Motor Finance and High Cost Credit customers. The announcement comes after their previous announcement of help for Homeowners and Consumer Credit customers.
The proposals outline the options firms will provide motor finance, Buy-Now-Pay-Later, Rent-to-Own and pawn broking customers who are coming to the end of a payment freeze, as well as those who are yet to request one. For customers yet to request a payment freeze, the time to apply for one would be extended until 31st October 2020.
For those customers of motor finance, Buy-Now-Pay-Later, Rent-to-Own and pawn broking who have already taken up support and are still experiencing payment difficulties, firms would continue to offer support. Options would include a further payment deferral or reducing payments to an affordable amount for a further 3 months.
The proposals include;
o For Buy-Now-Pay-Later customers, where a loan within the promotional period, this would mean offering customers an extension to that period.
o For pawnbroking agreements, where the loan is within the redemption period, this would mean firms extending that period for 3 months or agreeing not to sell or suspending the sale of an item for three months if the redemption period has already finished.
When implementing this guidance, firms should be particularly aware of the needs of their vulnerable customers. If you’re in particular financial hardship for example or if you suffer from a mental health condition, firms should consider how they engage with you. Firms should also help you understand the types of debt help and money guidance that are available and assist you to access the resources that can help you.
If you are already a customer and feel that you need to make changes to your account, you can log on to our online portal by signing in to your account at the top of this page.
If you’re not an existing customer and feel that you need further debt advice, you can use our online tool by using the link at the bottom of this page.
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