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Interesting questions on @MartinSLewis @itvMLshow re FCA personal loan forbearance & who it applies to.
Key is FCA definition of personal loan:
For the purposes of this guidance, personal loan refers to a regulated credit agreement, secured (other than on land) or unsecured
#1
Key is FCA definition of personal loan:
For the purposes of this guidance, personal loan refers to a regulated credit agreement, secured (other than on land) or unsecured
#1
that is not a high-cost short term credit agreement, buy now pay later agreement, hire purchase agreement (including motor finance), credit card or overdraft.
#2
#2
So DOES apply to personal loans, except #CreditUnion loans as they are not regulated.
DOES NOT apply to short term high cost credit, buy now pay later, HP, credit cards or overdrafts
#3
DOES NOT apply to short term high cost credit, buy now pay later, HP, credit cards or overdrafts
#3
Credit cards and overdrafts are covered under separate guidance, so sorted.
#4
#4
So @TheFCA @MartinSLewis @itvMLshow what about high-cost short term credit (e.g. payday), buy now pay later and hire purchase which seem to be left out?
Many #CreditUnions applying forbearance, as it's the right thing to do to support members. But what about these others?
#5/5
Many #CreditUnions applying forbearance, as it's the right thing to do to support members. But what about these others?
#5/5
