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Responding to the Financial Conduct Authority's consultation today on proposals to support credit card and personal loan borrowers impacted by coronavirus, Eric Leenders, Managing Director of Personal Finance at UK Finance, said:
Lenders continue to provide unprecedented support to borrowers impacted by the Covid-19 crisis and are working closely with the FCA to ensure customers continue to receive the help they need. ?It will always be in the long-term interest of customers who are able to do so to resume making payments, but for anyone who is still struggling ongoing support will be available. ?This could include the option of further payment deferrals on credit cards and personal loans in some circumstances or providing more tailored support where appropriate. ?Customers seeking to access this support do not need to contact their lenders yet and should wait for further updates on how to apply once these measures have been finalised.
Lenders continue to provide unprecedented support to borrowers impacted by the Covid-19 crisis and are working closely with the FCA to ensure customers continue to receive the help they need.
?It will always be in the long-term interest of customers who are able to do so to resume making payments, but for anyone who is still struggling ongoing support will be available.
?This could include the option of further payment deferrals on credit cards and personal loans in some circumstances or providing more tailored support where appropriate.
?Customers seeking to access this support do not need to contact their lenders yet and should wait for further updates on how to apply once these measures have been finalised.
Contact Information
UK Finance Press Office
020 7416 6750
press@ukfinance.org.uk
<p>The industry has put in place a clear plan to help Britain through the Covid-19 crisis:</p> <ul><li>Two and a half million <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… payment deferrals</a></li> <li><a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… million interest-free overdrafts</a> offered</li> <li>1.13 million payment deferrals on credit cards and over 793,000 payment deferrals on personal loans</li> <li>£57.3 billion of lending to over <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… million businesses</a> through government Covid-19 lending schemes</li> <li>Protecting customers from <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… and fraud</a></li> <li>Higher limit for<a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…; contactless payments</a></li> </ul><p>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</p>
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