MaPS responds to the FCA’s press release highlighting the continued support for consumers struggling with payments.
James Fearnley, Corporate Policy and Propositions Manager at the Money and Pensions Service said:
“It’s crucial that people who are struggling to make credit and mortgage repayments don’t suffer in silence, particularly those who have been hit hardest by the financial impacts of Covid-19 such as young people and people from BAME backgrounds.
“From November 1, people will no longer be able to apply for support measures such as payment holidays or deferrals so it’s vital that anyone facing difficulties contacts their provider to find out what further help they can offer. It’s important to remember that you don’t have to agree to a repayment arrangement if you can’t afford it – your lender must agree what works best with you. Anyone worried about money in the wake of Covid-19 can use the Money Navigator Tool on the Money Advice Service website to find a way forward with their finances.”
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About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime.
The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk