Mirror, the Financial Conduct Authority (FCA) said banks and other lenders will instead be required to offer customers tailored support to stop debt spiralling - including scrapping interest payments, extending loan terms and ditching other charges.
FCA interim chief executive Christopher Woolard said: “For those who can restart payments, it is in their best interests to do so."However, for those who are still facing payment difficulty, or are newly in difficulty, as a result of coronavirus, we expect firms to offer a tailored package of support taking into account the ongoing situation and local or national responses to the crisis."There should be no ‘one size fits all’ approach taken by firms to help consumers get back on track.”The.
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