the full range of measures will apply by april 14 to allow banks time to ensure they have enough resources in place to handle customer requests the fca saidlondon the financial conduct authority said on thursday it would add car financing to the temporary relief measures aimed at supporting households facing sudden financial hardship as result of the coronavirus as expected the fca also confirmed proposals set out last week requiring banks to offer a threemonth payment freezes on loans and credit card debt we know there is still more work to be done and we will be announcing further measures to support consumers in other parts of the credit market in the future including in the motor finance sector next week fca interim chief executive christopher woolard said in a statement advt customers should think carefully before making use of these measures and only do so if they need immediate help where they can still afford to make payments they should continue to do so woolard said the full range of measures will apply by april 14 to allow banks time to ensure they have enough resources in place to handle customer requests the fca said in response to the consultation the fca clarified that guarantor loans logbook loans home collected credit a loan issued by community development finance institution and some loans issued by regulated credit unions also come under the temporary relief measures all firms will be ready to receive customer requests by 14 april although some firms including the major banks and building societies will be adopting the changes today the watchdog said the measures will allow customers hit by coronavirus and who already have an arranged overdraft on their main personal current account to have up to 500 pounds charged at zero interest for three months the fca said that consumers using any of the temporary payment freezes will not have their personal credit rating affectedread alsopay cuts job losses may lead to defaults on unsecured loansfinance ministry extends motor insurance validity till april 21 reuters published on apr 9 2020 at 0155 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app car finance car loans auto finance coronavirus impact on car loans international homenewsauto financeuk watchdog to add car finance to pandemic loan relief measures