Support For Car Loans Announced

It has been widely reported on the national news and in the trade press that Finance Houses will soon be increasing the help available to customers who are struggling to pay their motor finance agreements due to being adversely financially affected during the COVID-19 pandemic.

The Financial Conduct Authority have confirmed temporary measures to give Finance Houses the flexibility to provide emergency relief to those in difficulty. Further announcements will be made next week covering products such as leasing.

Actions include a temporary freeze in payments for up to 3 months without customers having their credit file negatively impacted.

For more details on the announcement please click on the following links.

https://www.am-online.com/news/finance/2020/04/09/fca-confirms-coronavirus-loan-support-motor-finance-help-imminent

https://cardealermagazine.co.uk/publish/car-finance-payment-holiday-implemented-soon/189663

For Coronavirus: information for consumers on personal loans, credit cards and overdrafts please see the FCA website.

https://www.fca.org.uk/consumers/coronavirus-information-personal-loans-credit-cards-overdrafts

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