Keeping your finances under control

It is important to stay on top of your finances as best as possible during these difficult times. The news changes daily and we are using the Martin Lewis site to keep you updated. If you are worried speak to your bank dont let things go beyond control.

Sit down work out what needs to be paid and how much money you have coming in. If you are short speak to companies about payment plans until we get back to some normality.

Regulator proposes payment freezes and interest-free overdrafts to help consumers during coronavirus

Naomi Schraer, News Reporter

2 April 2020

The financial regulator says it will ask firms to offer payment freezes on credit cards and loans and charge no interest on overdrafts of up to £500 for three months, to help customers who have been hit financially by the coronavirus pandemic.

The Financial Conduct Authority (FCA) is holding a short consultation on its proposals this week - and if approved, the new measures would start to come into force by Thursday 9 April.

The FCA says firms must make sure customers' credit ratings aren't affected if they take advantage of a payment freeze or interest-free overdraft as part of these measures.

Payday lenders and Buy Now Pay Later firms aren't include in the proposals.