STRUGGLING households have been given a glimmer of hope as banks have been told now to do more to assist borrowers.
City watchdog, the Financial Conduct Authority (FCA) wants banks and building societies to provide credit card and loan customers a rest from payments if they've been hit financially throughout the coronavirus crisis.
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It's also demanded lenders boost agreed overdrafts to lb500 interest-free.
These measures are on top of the three-month mortgage holidays chancellor Rishi Sunak has already told lenders to provide.
The FCA hopes banks will agree to the new guidance or perhaps go above and beyond it.
Plans are currently being consulted on with a view introducing the initiatives late in a few days.
This unfortunately means you can't make an application for the new measures yet.
Is there help I'm able to make an application for now?
In the meantime, many banks already are offering varying amounts of help on loans, charge cards, and overdrafts that you can make an application for now.
Examples of help include up to three month payment holidays on credit cards, with some providers also waiving fees and interest.
Elsewhere, overdrafts happen to be increased by a few lenders to lb300 interest-free, while others have held off introducing pricey new interest rates.
How will i make an application for help?
We've rounded-up the coronavirus help pages for all the major providers within the box above, which you'll check to see what's on offer and the way to apply.
Some help, such as waiving fees and charges is being done automatically, which means you won't need to make an application for it.
Other help, for example trying to get a repayment holiday or perhaps an overdraft increase, require you to complete an online form or login for your internet banking.
You'll be able to make an application for nearly all help on the internet and banks are encouraging people not to call or visit branches.
If you need to do call, bear in mind phone lines are busier than usual, and if you're an NHS worker determine if special phone times are now being offered for you personally.
Many branches are still open however with reduced hours and banks are encouraging people to only visit if essential.
Meanwhile, the federal government has promised to pay for up to 80 percent of wages to avoid coronavirus job losses.
People who aren't working but continued payroll could be mortgage free to lb2,500 per month.
However, a huge loophole in the Coronavirus Job Retention scheme had the ability to see lots of people laid off.
Will these measures affect my credit rating?
Where a repayment holiday is agreed as a result of coronavirus, the UK's three credit reference agencies – Equifax, Experian and TransUnion – say it won't impact your credit rating as they'll implement an “emergency payment freeze”.
This means it won't be recorded on your file.
It will also apply to reduced payments and paused payments, although not to increased credit limits or new borrowing.