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Coronavirus: Loan and credit card payments set to be frozen

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People struggling with loan repayments and overdraft fees amid the coronavirus pandemic will be granted temporary relief under new proposals.

The Financial Conduct Authority is asking banks to freeze payments on loans and credit cards for up to three months for those facing difficulties.

The City watchdog also wants interest on the first £500 of existing overdrafts to be frozen for a period.

The FCA said the outbreak had caused an “unprecedented financial shock”.

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