Check If You Qualify

Debtors to Get Further Repayment Deferral Options

Sharon McDougall - 5th November 2020 - 2 minutes to read

People struggling with their personal debts due to the latest coronavirus lockdown restrictions should soon be able to defer their repayments to creditors to ease some of the financial burdens they’re feeling. 

The Financial Conduct Authority (FCA) has said that anyone who hasn’t yet taken up the option of a debt repayment postponement will be eligible for two payment deferrals that could last a combined total of up to six months.

Meanwhile, anyone who has already deferred their debt repayments at some point in 2020 should be able to apply for one further deferral lasting for up to three months.

Those options are to be made available in the context of all personal loans, credit cards, motor finance, rent-to-own and buy-now pay-later contracts.

For ‘high-cost short-term’ borrowing arrangements, such as payday loans, the rules are slightly different, with anyone who hasn’t yet asked for a repayments deferral to be allowed the opportunity to request one for a period of one month.

The FCA has emphasised that it wants to see anyone who can continue to make their repayments to creditors to carry on doing so, while also emphasising that lenders are expected to provide support to people who clearly need it in light of the pandemic and the lockdown situation.

“We recognise the challenges that many consumers face as the coronavirus crisis develops, and we are working to ensure support remains available to consumers who need it,” said Sheldon Mills, interim executive director of strategy and competition at the FCA.

“It is in borrowers’ own long-term interest only to take a payment deferral when absolutely necessary. Those that are able to keep paying, should do so,” he said.

It was revealed recently by Which? that there was a sharp rise in the number of people failing to make their credit card and loan repayments during October as financial support measures were scaled back nationwide.

Remarkably, according to the consumer champion, the number of people across the UK defaulting on their credit cards jumped from around 410,000 in September to almost 780,000 in October.

If you live anywhere in Scotland and you are finding to tough to cope with your personal debt situation then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.

facebook colour icon twitter colour icon linkedin colour icon messenger colour icon whatsapp colour icon email colour icon
Sharon McDougall Square

Sharon McDougall


Other News

Debt Levels Soaring across Scotland, New Figures Show Debt Level Rising

Debt Levels Soaring across Scotland, New Figures Show

Levels of unsecured debt in Scotland increased dramatically during 2022 as the cost of living crisis took its toll on household finances.

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’ Financial Hardship

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’

Close to half a million Scots are in a position of profound financial hardship, according to a new set of figures.

Scots with Disabilities Urged to Check Eligibility for New Benefits Scottish Man In Wheelchair

Scots with Disabilities Urged to Check Eligibility for New Benefits

Disabled people in Scotland are being urged by the government to check whether they might be eligible for benefits that could help make their life a little easier.


Why Choose Us

Usp Location

5 Offices in Scotland

National Coverage

Usp House

Ask us About

Home Visits

Usp Hand Heart

Helping Scots Get

Out of Debt Since 1989

Usp Handshake

We offer an

Instant Initial Consultation

Usp Palm Wallet

We'll Help You

Lower Monthly Payments

Usp Hand Heart


Out of Debt Since 1989

We'll give you a call

Our Scottish based team can help advise you on your debt problems.

Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our Privacy Policy.


Useful tools

Personalised Debt Report
Usp Planner

Personalised Debt Report

Our personalised debt report will help you better understand your financial position and see where your money is going.

Debt Report
Instant Scheduled Call & WhatsApp

Instant Scheduled Call & WhatsApp

Arrange a call with an expert advisor at a time to suit you or contact our team via WhatsApp for immediate help and advice.

Arrange Callback
Find a Local Office
Usp Signpost

Find a Local Office

We have five offices located across Scotland. Find your nearest one here.

Find an Office

Our Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority

Fees and Information: There are fees associated with our services. These will be fully explained before entering into any of the personal debt solutions referred to on this website. Full details of our fees and how these are charged are fully explained to you prior to you committing to any particular service.

ICAS Insolvency Practitioners