The scheme could come into force as early as next Thursday, April 9
The UK’s financial regulator is calling for a freeze on loan and credit card repayments to help ease the economic impact of theThe Financial Conduct Authority is proposing an ‘unprecedented’ package of ‘targeted temporary measures’ to support consumers who need financial help because of the Covid-19 outbreak.
It is also backing new overdraft rules – including a zero interest allowance and a promise that users will be ‘no worse off’, while backing regulation changes meaning people’s credit ratings will not be impacted. , which has been welcomed by industry experts, launches a consultation about the possible measures – but the scheme could come into force as early as next Thursday, April 9.It is aimed as a stop-gap to ‘quickly support users of certain consumer credit products’, including a three-month payment freeze on loans and credit cards for people facing difficulties with their finances due to coronavirus.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus: Sunak to overhaul SME loan schemeChanges to the Coronavirus Business Interruption Loan Scheme will be announced as soon as this week, Sky News learns.
Read more »
Loan and credit card payments to be frozen for three months in UKFinancial regulator fast-tracks measures to help consumers during coronavirus crisis
Read more »
Loan and credit card payments set to be frozenThe Financial Conduct Authority wants banks to help borrowers in difficulty because of coronavirus.
Read more »
Banks to offer credit card and loan payment holidays and £500 interest-free overdrafts to struggling customersSTRUGGLING credit card customers and loan borrowers are set to be given a temporary payment freeze under new proposals announced today. The Financial Conduct Authority (FCA) is also asking banks to…
Read more »
Loan and credit card payments set to be frozenThe Financial Conduct Authority wants banks to help borrowers in difficulty because of coronavirus.
Read more »
Banks told to waive credit card payments and offer interest-free overdrafts during coronavirus outbreakCredit card and loan repayments to be frozen for customers in financial difficulty as pandemic causes unemployment to soar
Read more »