Driver earned up to £200 per month by hiring out car – what to do

The scale of the issue surrounding finance payment was revealed after the FCA demanded firms to offer payment deferrals at the height of the first lockdown.

Graeme Banister, Partnerships Director at Karshare said: “Cars present significant costs for many [such as] the monthly car finance, fuel, maintenance.

“It’s an expense that is being called into question, particularly at a time when people are working from home more, and are likely to be for the foreseeable future.

“The fact 600,000 consumers chose to freeze their car finance payments during the pandemic only adds further weight to the call for action to help consumers offset these costs in some way – and avoid unnecessary vehicle repossessions.”