ABSA Bank announced that it will be offering affected clients a special payment relief program during the #Coronoavirus Crisis.
This relief will be available to all clients; Personal, Business and Corporates will be able to avail themselves of the offer.
Qualifying clients will be able to reduce their debt repayments or to put payments on hold for three months. However, interest does carry on in this period. ABSA has waived any additional admin fees in the period though. All affected agreements will be amended to increase the loan period and to capitalise the interest during the period.
The bank urges those consumers that can afford to, to continue paying their full instalment. This is to enable the bank to continue without experiencing their own cash flow issues. Secondly, the more clients that maintain full payments, means that the bank is able to help more clients who cant. It might sound like a good idea and solve a short-term cash flow issue, but in the long term, it will cost more money! Make sure that you absolutely need the assistance and can afford the additional costs before taking this offer up.
Business and Corporate clients are encouraged to speak to their bank representative if they are needing help at this time. The support offered to these clients will also be tailored to their needs and circumstances.
As new information becomes available on this process, we will update this article.
- ABSA Bank’s Covid-19 focus page
- Standard Bank’s payment relief
- FNB’s payment relief
- SA Home Loans payment relief
- Bond payment relief (All Banks)
Another option at this stage, is to look at the viability of Debt Review as a solution to you. If you forsee that your current issues are going to continue for longer than the time of the lockdown, rather let us do an assessment on your situation and advise you on a course of action. For a no obligation assessment, hit the button below and fill in the blocks.
We all have options at this stage, the trick is to find the right one. Don’t rush into a decision that can affect you for years to come. Rather get professional advice if you are not sure.
If you have any questions for us, feel free to add them to the comments below, or you can send us a query through our contact page.