ABSA Bank Announce Covid-19 Related Payment Holidays For Clients

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ABSA Bank Offer Clients Payment Holidays

ABSA Bank have announced that they too will be offering clients relief due to the Covid-19 Pandemic as well as National Lockdown.

ABSA are offering a 3 month payment holiday for those who cannot pay anything and reduced monthly debt instalments for those who can. The offer will apply to clients whose accounts are up to date (in good standing) and does not apply to those who have been missing payments recently.

‘you will have to let them know you would like to take advantage of the relief’

This is an ‘opt in’ arrangement so, you will have to let them know you would like to take advantage of the relief.

The bank will recapitalise the missed payments, interest and other fees back into the debt and you will pay these amounts back over time.

Not all clients need to take advantage of the offer but all are welcome to do so if their accounts are in good standing. Clients who are not experiencing or being impacted too greatly by the current Pandemic are encouraged to continue to pay as normal or talk to them about reduced payments rather than a total payment holiday.

The offer is not limited to those who earn any particular salary amount.