Car Finance Payment Holiday

Sopmum61

Hi. I’ve contact my PCP car finance company to request payment holiday but have been told they are waiting for FCA guidelines so wanted to check this is accurate and if it is simply a matter of me waiting for such guidance to come through to them? 

MattMattMattUK

Well it is hard for us to tell if they are waiting for FCA guidelines, but the old guidelines did expire at the end of October so it is feasible. 

dunstonh

The FCA have been issuing guidance since 22nd October through to 4th November.   The firms will need a short period for their compliance team to put in place what they are doing and will then inform the front line staff.  The front line staff are always the last to know.

Grumpy_chap

On the TV programme yesterday evening (Thursday), Martin Lewis said the guidance was a few days away for new finance payment holidays, but some lenders were implementing in anticipation.  PCP is one of the more complex types of finance to take a payment holiday on.

Jeremy535897

Grumpy_chap said:

On the TV programme yesterday evening (Thursday), Martin Lewis said the guidance was a few days away for new finance payment holidays, but some lenders were implementing in anticipation.  PCP is one of the more complex types of finance to take a payment holiday on.

I think he meant mortgage lenders, but other types of finance should follow.