As money advice blogger Debt Camel has updated followers:
“Earlier this week FCA guidance for unsecured loans came into force. Car finance wasn’t included with that as the FCA said it wanted to look at it separately.
Now we have the details of what the FCA is proposing for car finance. It broadly follows the general “three month payment breaks” approach that is being used for other credit.
There is a very short consultation period. It is expected the final guidance will be published by Friday 24 April.”
Read more from Debt Camel on what the FCA is proposing here.
Read the FCA temporary guidance here.