People who are struggling with their loan and credit card repayments will be able to apply for extra support, after the the new lockdown measures were announced.
There will be payment breaks on loans, credit cards, car finance, rent to own, buy-now pay-later, pawnbroking and high-cost short-term credit, the Financial Conduct Authority said.
In a statement on Monday, the FCA said it's in talks to extend measures to support those who will be affected by latest restrictions.
It will be followed by new measures for those struggling to keep up with mortgage repayments later on Monday - reports Mirror Online.
On Saturday Boris Johnson announced a new national lockdown, with shops and pubs and restaurants forced to shut again from Thursday.
The government's furlough scheme - which was due to end on October 31 - will also be extended.
The FCA said proposals will include allowing those who have not yet requested a payment holiday to apply for one.
This could be up to six months - while those with buy-now-pay-later debts will be able to request a holiday of up to six months.
However, it warned that this should only be applied in cases where customers are unable to make repayments as interest will continue to accrue despite the so-called break.
A statement said: "To support those financially affected by coronavirus, we will propose that consumer credit customers who have not yet had a payment deferral under our July guidance can request one.
"This could last for up to 6 months unless it is obviously not in the customer’s interests. Under our proposals borrowers who are currently benefiting from a first payment deferral under our July guidance would be able to apply for a second deferral.
"For high-cost short-term credit (such as payday loans), consumers would be able to apply for a payment deferral of one month if they haven’t already had one.
"We will work with trade bodies and lenders on how to implement these proposals as quickly as possible, and will make another announcement shortly.
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"In the meantime, consumer credit customers should not contact their lender just yet. Lenders will provide information soon on what this means for their customers and how to apply for this support if our proposals are confirmed."
Anyone struggling to pay their bills should speak to their lender to discuss tailored support, the FCA said.
This could include a payment plan or a suspension of payments altogether.
The FCA is also proposing to extend mortgage holidays for homeowners.
It's expected to announce a new six month extension on Monday, which would include newly struggling households and those who are already on a mortgage break.
A statement said: "Mortgage borrowers who have already benefitted from a 6 month payment deferral and are still experiencing payment difficulties should speak to their lender to agree tailored support."
