Credit card customers and those with personal loans and overdrafts are set to benefit from a lifeline thrown by the UK financial regulator if they are struggling with the financial impact of the coronavirus crisis
You may be able to make no payments for three months.
The regulator says that if you can afford to keep up repayments, either in full or a smaller sum, you should do so.If you are not able to restart repayments at the end of this period, then the regulator expects the firm to provide what is known as ‘forbearance’. This would include waiving the interest that has built up during the payment freeze period.
If you already have an arranged overdraft that is below £500 you will not pay any interest on the amount of your current overdraft limit.
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