The Financial Conduct Authority (FCA) has recently put forward measures to help support people through this tough period. From April 14, all banks and other financial firms will be required to incorporate new rules concerning overdrafts, loans and credit cards.
For loans and credit cards specifically, firms and lenders will be expected to offer a temporary payment freeze on loans and credit cards for up to three months.
These new freezes are only intended for people who are badly impacted by coronavirus and should not be used lightly.
Christopher Woolard, the interim Chief Executive for the FCA expanded on this as the measures were announced: “We know many people are suffering financial pressures brought on as a result of the coronavirus pandemic.
The measures we’ve announced are designed to provide people affected with short-term financial support through what could be a very difficult time.