The Financial Conduct Authority (FCA) has announced further support for lease customers.
The updated guidance that came into force last Friday advises that lease companies should contact customers who are coming to the end of a payment break to see if they can resume payments and agree a plan for the missed ones to be paid.
They’ve also advised that if you have had a payment break but can afford to return to your regular payments, or even partial payments then it’s in your best interest to do so.
The FCA have advised they expect firms to continue to provide their customers with an additional three months of support by either freezing or reducing payments.
Customers who haven’t yet had a payment freeze or requested and extension to an existing payment freeze can now do so up until the 31st of October.
The ban on repossession for customers who are experiencing temporary payment difficulties because of Covid-19 has also been extended until the end of October as well.
Interim Chief Executive at the FCA, Christopher Woolard, commented: “Our measures will ensure that people who are still facing temporary payment difficulties because of this pandemic continue to have access to the help they need.”
For more information, you can read the FCA’s finalised guidance. If you have a lease through Xcite Car Leasing you can also contact our Support Team on 0330 221 000.