As payday approaches for 2 in 3 UK workers, those impacted by Covid19 are urged to seek out the help available.

As payday for millions of people approaches, the Consumer Finance Association (CFA), an organisation representing alternative lenders, is calling on families impacted by Covid19 to get in contact and make use of forbearance available.

Over two-thirds of workers should receive their pay over the next few days, following on from a big payday on Friday past. For some, this will involve a reduction in pay, and for others, there will be no wage this month as employers lay off workers.

There is help available. Various options are available, including the new payment deferral created by the Financial Conduct Authority that allows for a pause on payments for one month. There are long-standing forbearance tools such as breathing space, payment plans or formal debt tools if this is not a temporary problem.

For individuals to make use of the options available, they must engage with those expecting payment. The FCA has agreed to protect the standing and credit files of those impacted by the Covid19, but this is only available if people get in contact.

Jason Wassell, Chief Executive of the CFA, said,

“We estimate that about two in the every three workers would usually be paid this week. Unfortunately millions of families face some difficult decisions, balancing smaller wages against household payments. There is help available, and we would urge anyone not able to make their payments to get in contact and to discuss your situation.

“Additional choices are available following the introduction of new rules from the Financial Conduct Authority, including delaying payments or restructuring payments. As is the case with all payments, please do not just let your payments fall. Not getting in contact will complicate matters and reduce future options open to you.”


1. Most people (about 95%) are paid monthly. Industry figures show that one-in-five (20%) will receive their pay on the 28th. Just a couple of days later on the last day of the month, one-third (35%) of workers are paid. The 30th of April will also be a more significant pay date as it is also the ‘last Thursday of the month’, a day used by about 10% of employers.

2. The FCA has introduced new rules for lending firms that provide new options for lenders to take if contacted by a customer that says they are temporarily impacted by Covid19. This includes the option to pause payments for one month, without incurring any additional interest. Those seeking this option will have their credit rating protected. The new rules can be found here.

3. All lenders regulated by the Financial Conduct Authority are always expected to offer forbearance to those individuals that find themselves in financial trouble through no fault of their own. This will include allow for customers to missing payment and considering suspending, reducing, waiving or cancelling any further interest or charges. Many members will also apply breathing space policies to allow individuals the time to bring forward suggestions, such as payments plans that fit their financial circumstances.

4. The CFA is a trade association of non-bank lenders. It represents alternative consumer credit providers, especially short-term lenders providing loans of less than 12 months. Our aim is to create an alternative lending market that provides responsible access to credit.