Financial regulator, the FCA, has proposed a three-month payment freeze on loans and credit cards where consumers are in financial trouble because of coronavirus.
Interest on the first £500 of existing overdrafts is also to be frozen for a period.
Christopher Woolard, interim chief executive of the FCA, said: "Coronavirus has caused an unprecedented financial shock with far-reaching consequences for consumers in every corner of the UK.
If confirmed, this package of measures we are proposing today will help provide affected consumers with the temporary financial support they need to help them weather the storm during this challenging time."
Woolard added it was not a charter for people to stop paying back their loans but would provide an expected minimum level of support for customers who up until now had been financially stable.
“Where consumers can still afford to make payments, they should as normal and this is likely to be in their best long-term interest to continue to do so.
Consumers should not contact their lenders yet, said the FCA, which added the credit rating of anyone using the reliefs would not be affected.
The regulator has asked all lenders to respond to the proposals by next Monday, 6 April, and, if confirmed, the measures would start to come into force by 9 April.