Q&As

Are there are any consultation papers or proposals for amending the Consumer Credit Act 1974 in relation to notices of sums in arrears in light of the Financial Conduct Authority’s final guidance for payment holidays regarding hire purchase agreements?

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Produced in partnership with Russell Kelsall LLB (Hull); LPC (Shef) of TLT
Published on LexisPSL on 28/05/2020

The following Financial Services Q&A produced in partnership with Russell Kelsall LLB (Hull); LPC (Shef) of TLT provides comprehensive and up to date legal information covering:

  • Are there are any consultation papers or proposals for amending the Consumer Credit Act 1974 in relation to notices of sums in arrears in light of the Financial Conduct Authority’s final guidance for payment holidays regarding hire purchase agreements?
  • What temporary guidance has been issued by the FCA?
  • When is a NOSIA triggered under the CCA 1974?
  • When does the guidance cause an issue with NOSIAs?
  • What does the FCA say?
  • Is anything being done by the industry?

Are there are any consultation papers or proposals for amending the Consumer Credit Act 1974 in relation to notices of sums in arrears in light of the Financial Conduct Authority’s final guidance for payment holidays regarding hire purchase agreements?

What temporary guidance has been issued by the FCA?

The Financial conduct Authority (FCA) has issued temporary guidance, applying for an initial period of three months, to a significant number of firms in the consumer credit sector.

  1. On 9 April 2020, the FCA published its finalised temporary guidance to consumer credit firms dealing with customers needing coronavirus (COVID-19) related payment holidays for personal loans, credit cards and retail revolving credit (for example, catalogue credit or store cards) and overdrafts. This guidance came into force on 14 April 2020. For more, see: Q&A: On 9 April 2020, the Financial Conduct Authority confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. What are the implications of the measures?

  2. On 24 April 2020, the FCA published its finalised temporary guidance to consumer credit and hire firms dealing with customers needing coronavirus related payment holidays for ‘motor finance’ and ‘high-cost credit’. This guidance came into force on 27 April 2020. For more,

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