Millions of people who are struggling to keep up with debt repayments due to the pandemic will be able to extend their payment holidays until October 31, the financial regulator had announced.
Customers unable to pay credit card, store card and personal loan bills will be able to request an extension from July 3 as the current 90-day break comes to an end.
Under the extension, firms will have to give customers longer to pay off their £500 interest-free overdrafts if they have been left financially vulnerable due to coronavirus.
Anyone who has been newly affected by the pandemic, such as though redundancy or a salary cut, will also be able to apply for help - including an interest-free £500 overdraft - for another three months.
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