Nedbank Asks Clients To Call Them For Covid-19 Solutions

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Nedbank Asks Clients To Call Them

Nedbank has asked their clients to get in touch with them to discuss options around debt repayments in the wake of the ongoing Covid-19 Pandemic. As businesses grind to a halt worldwide and sales figures plummet, the world is heading for one of the deepest financial recessions it has ever faced. It has been said that the effect is similar to countries facing a civil war or nationwide natural disaster.

‘Standard Bank have also announced that they are reaching out to their clients with bonds and vehicle finance’

Recently Standard Bank announced that they are offering their small business clients the chance to skip debt repayments for 3 months from April 2020 and that this is an opt-out offering (if you don’t want it, you do not have to take it but should let them know). Standard Bank have also announced that they are reaching out to their clients with bonds and vehicle finance to see if they need assistance as well.

Prepare For The Economic Fallout

It is estimated by the UN that at least 25 million will immediately lose their jobs but the figures are set to be much higher the longer recovery takes. Already local businesses have begun to lay off staff. Government has rather called on companies to put staff on staggered shifts and that they are currently looking into perhaps making use of the unemployment fund to cover the missed hours workers are losing out on at present.

‘at least 25 million will immediately lose their jobs’

For those who are struggling now, it would be a good idea to head to your local Debt Counsellor to discuss options (including suspending payments on your credit accounts for a number of months) through debt review.