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Can’t Pay Your Debt Review Due to Covid-19?

Many consumers are very worried that they will not be able to make their expected monthly payment for debt review due to Covid-19 and the Nationwide lockdown starting Friday 27th.

We are getting reports that all the banks and big credit providers are working non stop on solutions for those in debt review as well as those who think they should now start debt review.

‘all the banks and big credit providers are working non stop on solutions for those in debt review’

Many had meetings and worked on possible solutions till 2am last night and started again at 6am today. Some banks are now talking about applying for short payment holidays (eg two months) and others are talking about longer payment grace periods. IF payment holidays are requested the consumer would have to provide proof their business was affected by the virus or lockdown (which should be pretty easy). Some banks are talking about a global reprieve and others a case by case consideration. The industry is currently waiting on clarity, especially from the Banking Association of South Africa (BASA) members who will probably set the trend for the industry.

‘Most of the banks, as well as PDAs, are set up to do work remotely’

Most of the banks, as well as PDAs, are set up to do work remotely (with some or even most of their staff). Debt Counsellors to are making an effort to be available to their clients and new clients who will need assistance.

We will be sure to post information from all the credit providers in our daily news section. So check back regularly for more info as it becomes available.