Covid-19: car finance help for consumers
The Financial Conduct Authority (FCA) has announced a package of measures covering motor finance and high cost credit agreements to directly support consumers facing payment difficulties due to coronavirus.
The move will cover car financing such as personal contract purchase (PCP) and a range of high-cost short-term credit arrangements, including payday loans, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking.
For most of these proposals, firms and consumers should consider the amount of interest which may build up, and balance this against the need for immediate temporary support.
The FCA measures do not prevent firms from providing more favourable forms of assistance to any customer, including a longer payment freeze if appropriate.
Motor finance guidance is here: Motor finance agreements and coronavirus: draft temporary guidance for firms
Rent-to-own, buy-now-pay-later and pawnbroking guidance is here: Rent-to-own
High-cost short-term credit guidance is here: High-cost short-term credit and coronavirus: draft temporary guidance for firms
Time to Pay Scheme
One of the ways the government has pledged to help businesses through this global emergency is by scaling up the existing HMRC Time to Pay (TTP) scheme. A dedicated helpline has been set up and more businesses than ever before will be offered additional breathing space when it comes to settling their HMRC obligations.
Companies House
Businesses can now get a 3-month extension to file account with Companies House. If you think the impact of COVID-19 will cause delays in filing your company accounts, please contact us so we can apply for the extension online. We must apply before your filing deadline.