Thousands of motorists who are struggling to keep up with their car finance payments will soon be able to access relief on their bills, the Financial Conduct Authority (FCA) has announced.
It will follow on from mortgage holidays and a three month break on credit card and loan payments from today. "We know there is still more work to be done, and we will be announcing further measures to support consumers in other parts of the credit market in the future, including in the motor finance sector next week," FCA chief executive, Christopher Woolard, said on Thursday.
Some car manufacturers have already agreed to freeze monthly interest payments for up to two months due to coronavirus, however new guidelines will state exactly what firms must