Car finance firms urged to halt repossessions during Covid-19 crisis

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FCA to bring in measures to help customers over vehicle payments and payday loans

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The financial regulator has said car finance companies must offer a three-month payment freeze and should not repossess vehicles if customers are facing financial difficulties because of the coronavirus.

The Financial Conduct Authority also said payday loan firms must give customers a one-month interest payment holiday, as part of emergency measures to help households hit by the coronavirus outbreak.

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