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CAS backs plans for more debt relief

Citizens Advice Scotland has backed plans by the Financial Conduct Authority to provide more help for people in debt who are affected by the economic impact of COVID-19.

The FCA is today proposing a payment holidays for payday loans, car finance re-payments and pawn shop debts.

CAS Financial Health spokesperson Myles Fitt said:

“Our advisers are reporting big increases in the numbers of people who are struggling financially during the current crisis. Many were finding it hard to make ends meet before lockdown, but the pressures on household finances are now greater than ever and people need every bit of help they can get.

“So we welcome these new proposals, which we believe will bring relief to those faced with these particular debts and repayments. We would urge all lenders to co-operate fully with the FCA in adopting the changes. And we remind people who are struggling that the Citizens Advice network is still here to help give free advice to anyone who needs it.”

ENDS

 

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