Consumer expert reveals how to fight off car repossession threats

The news consumer champion, Richard Thomson has received a significant number of appeals for help from readers threatened with repossession of their cars after they’ve run into temporary difficulty meeting repayments due to coronavirus.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

But he says people struggling with consumer credit problems, including borrowers with payday loans, are now covered by measures recently launched by the Financial Conduct Authority (FCA).

Firms lending on personal contract purchase, PCP or hire purchase, HP, are required to give payment breaks of up to three months to car finance customers.

Hide Ad
Hide Ad

They must also not try to repossess a vehicle or end an agreement if a customer is in difficulty due to the outbreak and requires the use of it.

New car driver. Picture: ShutterstockNew car driver. Picture: Shutterstock
New car driver. Picture: Shutterstock
Read More
South Central Ambulance Service warns children as young as 8 are being stabbed

The FCA says that customers facing financial difficulties are duty bound to contact lenders as soon as possible and be aware any payment holiday may ultimately result in higher monthly repayments or extended loan terms when the relaxation comes to an end.

A message from the Editor

Thank you for reading this story on While I have your attention, I also have an important request to make of you.

With the coronavirus lockdown having a major impact on many of our advertisers - and consequently the revenue we receive - we are more reliant than ever on you taking out a digital subscription.

Subscribe to and enjoy unlimited access to local news and information online and on our app. With a digital subscription, you can read more than 5 articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit our Subscription page now to sign up.

Our journalism costs money and we rely on advertising, print and digital revenues to help to support them. By supporting us, we are able to support you in providing trusted, fact-checked content for this website.

Related topics: