Customers unable to keep up with high-cost credit payments may not have to pay anything until November under new guidance from the City watchdog.
The Financial Conduct Authority has proposed to extend payment freezes due to end this month for a further three months to October 31. The extension will cover all companies that offer high-cost credit including motor finance and rent-to own, buy-now pay-later schemes and pawnbrokers.
Firms will offer a further payment deferral or reduce payments to an amount the customer can afford. People yet to request a payment holiday would be able to do so until October