Commenting on the FCA’s proposals to help motor finance and high cost credit customers during the Covid-19 crisis, Nick Hill, money expert at the Money and Pensions Service said:
“The new measures proposed today provide a new option for customers using motor finance and high-cost credit, and could be helpful for people who are experiencing temporary payment difficulties. When these measures come into place, it’s really important that people check what help their lenders can offer, and consider what the longer term implications are for the amount they owe before making any rushed decisions.
“Anyone who is worried about running into debt problems should get free debt advice, and can do this by using the debt advice locator tool on the Money Advice Service website.”
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Notes to editors
About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and help lines: