ABSA has introduced an extensive individual and business customer Payment Relief programme for those impacted by the lockdown. This comprehensive solution applies to their retail and business credit products, including home loans, vehicle finance, personal loans and credit cards as well as commercial asset finance and mortgage-backed business loans. These solutions also cut across the business bank, private bank, wealth and retail customers. Products not listed may be considered on a case-by-case basis.
The ABSA Payment Relief programme will give customers the opportunity to either continue paying if they are in a position to, or to defer payments for a period of three months. Customers will not be charged administration fees for the payment relief. This measure is applicable to customers with up-to-date accounts who will have the opportunity to opt-in for payment relief aimed at assisting with cash flow needs during this time. Credit agreements will be adjusted, by revising the loan period and capitalising interest during the relief period.
SA Home Loans
SA Home Loans has committed to considering each application for payment relief on a case-by-case basis. Individuals who apply will have to provide proof of altered income when submitting an application to email@example.com via email.
Standard Bank has announced a three-month payment holiday for small businesses. General Standard Bank clients who earn less than R7500 per month and whose accounts are in good standing can also apply for payment relief between the 1st of April - 30 June 2020.
First National Bank (FNB)
FNB has also acknowledged the financial pressure their clients will experience during the lockdown phase. They are offering clients who are up to date with their payments the option of applying for payment relief for a period of three months without any associated fees if they can provide proof that they have been placed on unpaid leave, short time or have been retrenched as a result of the COVID-19 shutdown. Assistance will be provided for credit insurance claims where possible as well. FNB Connect clients will also receive 1GB data for use in April 2020. However, interest and fees will continue to accumulate on outstanding balances.
Feeling uncertain about your ability to pay your bills?
Keep an eye on the blog and our social pages for more breaking news on money matters that pertain to the COVID-19 shutdown the far-reaching effects of the virus in general. If you are concerned that you may not be able to make your debt repayments during the lock-down phase due to the impact the economic standstill will have on your livelihood, please feel free to get in touch with a Libertine Consultants representative.
We will continue to work remotely by means of online consultation and a dedicated 24/7 WhatsApp line. Payments can be done via EFT, so you can address and consolidate your debt with our help from your home without breaking any lock-down rules. Reach out if you’re feeling overwhelmed by your debt burden – we are here to help.