Comment on FCA’s confirmed support measures for motor finance and credit customers

Following confirmation from the FCA today on additional support measures for motor finance and high cost credit customers, Nick Hill, money expert at the Money and Pensions Service said: “The extension of support measures confirmed today, including for motor finance and high cost credit customers, could be helpful for people who are experiencing temporary payment difficulties, as we know that Covid-19 is continuing to affect people’s finances. It’s really important that people speak to firms to find out what options are available and appropriate for them, and consider what this will mean for their repayments in the long term.

“Anyone who might be struggling to find a way forward with their finances at this time can use the new Money Navigator Tool on the Money Advice Service website. After answering a few questions people can get personalised guidance on how best to deal with money difficulties, so they can take action to avoid bigger money problems later on.”