Gareth Shaw, Head of Money at Which?, said:
“Our research has shown many people are struggling financially and there has been a significant increase in consumers defaulting on loan or credit card payments. With new restrictions set to be imposed next week, it is right the government has extended some financial support measures including the furlough scheme and mortgage holidays, and confirmed mortgage deferrals won’t impact credit files.
“We’d also urge the regulator to follow suit and consider extending vital support measures across other credit products.
“Lenders must now take a proactive approach and ensure there is adequate support available for those who need it. The regulator must also be ready to intervene if there is any indication that customers are not getting the support they need quickly enough.”
Notes to editors