PayPlan responds to the FCA’s mortgage payment holiday announcement
Written by Tom James on 22 May 2020
In response to the FCA’s announced proposals to extend the scope of mortgage payment holidays, Rachel Duffey, CEO of PayPlan, commented:“The additional support being proposed for customers struggling with their mortgage payments is very welcome. We echo the FCA’s view that where consumers can afford to re-start mortgage payments, it is in their best interests to do so. We are pleased to see that a helpful framework is being proposed, allowing customers to transition out of their payment holiday in a managed and affordable manner.
“Of course, we see many consumers who are not yet able to resume their usual mortgage payments; in these cases the loss of income people are suffering often causes wider debt repayment problems too. Proposed guidance to lenders on referring to free debt advice providers provides useful clarification for these situations.
“We are already in dialogue with a number of mortgage lenders, working closely with our sister technology company, Paylink Solutions, to establish managed referral mechanisms for those customers who might benefit from the wider support our trained debt advisers can provide. These referral channels provide lenders with a key component in their toolkit for ensuring customers get the right support regardless of individual need.”
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