We are asking for early views on what should happen to consumers coming to the end of a second payment deferral under our temporary guidance to firms on providing payment deferrals for mortgage and consumer credit products. We are also asking for views on whether we should extend our current guidance beyond the current deadline of 31 October 2020.
Why we are consulting
Our measures to help consumers affected by the impact of coronavirus have included temporary guidance setting out how we expect firms to support mortgage and consumer credit customers facing temporary payment difficulties because of the pandemic, including payment deferrals.
We recently confirmed that the temporary guidance would remain in effect until 31 October 2020. However, many consumers who have been given a second payment deferral under our temporary guidance will have deferrals that end from September onwards.
So we want to get early views on the support needed by consumers who have already benefitted from our temporary guidance but remain in difficulty. We are also seeking views on whether and under what circumstances any aspect of our current guidance should continue beyond 31 October and, if not, what if anything should take its place.
Who this applies to
This Call for Input will be of interest to:
- credit providers
- mortgage providers
- consumer groups
Please respond to this Call for Input by 7 August 2020. You can email [email protected].
If responses show that further guidance is needed, we'll publish draft guidance for comment to the following timetable:
- Mortgages – draft guidance published in late August and final guidance published in early September
- Consumer Credit – draft guidance published in mid-September and final guidance published in late September