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Loans and credit cards – advice if you are struggling

Though a lot of the focus of COVID-19 is on our health, our financial wellbeing matters too. We know that the impact of COVID-19 will mean that more people will be worried about their money, and a number of people will be faced with difficult decisions about their finances. We are here to help provide the best possible advice. This week, we’re looking in more depth about how to access support for making loan and credit card repayments

The Financial Conduct Authority (FCA) recently brought in help for loan and credit card customers. If you’re struggling to make payments, or think you will struggle over the next few months, your lender needs to help you when you ask. You can ask for a three-month payment holiday until 14 July 2020.

Some providers are also waiving fees for missed payments, offering reduced monthly payments or emergency credit limit increases. Martin Lewis’ money saving expert website lists the help that lenders are offering their loan and credit card customers.

Here to help

It is important to take your financial wellbeing seriously, act quickly, and seek free help if you find yourself in difficultly.

We understand how quickly financial worries can spiral into serious debt problems without help and intervention, and you can receive free, impartial, confidential debt advice from our Money Matters team on 01952 217 251.

You can also receive free, regulated debt advice from your local Citizens Advice or Step Change.

View our Frequently Asked Questions about COVID-19 and what this means for your finances.

27th April 2020