Most people, in true South African form, are coming together and adhering to the stay-at-home measures implemented by the Government to help curb the spread of COVID-19, but there is another topic that’s top of mind for most citizens: money. And understandably so.
With the 21-day lockdown throwing everyday life into disarray, and businesses temporarily closing their doors, many South Africans are wondering about their financial future. And with income not guaranteed and savings (if any) running thin, the stress of repaying debts weighs heavily on the minds of the Nation.
But there is some light at the end of the lockdown tunnel: debt repayment relief offered by banks in South Africa. This means, for a short yet crucial period, customers, students and businesses will be granted debt repayment relief on the likes of car finance, home loans, credit cards and short-term loans.
In a Government notice, it was stipulated that these so-called “payment holidays” are “enabling the banking sector to minimise the negative impact on the ability of customers, including both business and private individuals, to manage their finances during the national disaster, and be in a position to continue normal operations beyond the national disaster.
A closer look at the debt repayment relief offered by banks in South Africa:
Stay in touch with your bank
Remember, this table contains the information available at the time of publishing, so more measures and options from your bank might be implemented in the future. We will, of course, track any developments, but look out for any notices and updates from your bank, too. Be sure to contact your respective bank directly:
First National Bank
t: 087 575 4727
e: email@example.com / firstname.lastname@example.org
t: 0860 123 000
t: 0860 109 085
t: 0860 555 111
t: 0861 111 011
t: 021 941 1377
t: 0860 11 2265
Some reassurance in uncertain times
Finances impact virtually every aspect of our lives and the stress of that comes with fiscal uncertainty can be stressful. But there will be a post-COVID-19 time where we will rebuild and come back stronger than before. South Africans are a resilient bunch, and this debt repayment relief from banks in South Africa should provide a healthy dose of much-needed hope.
LAW FOR ALL – Your caring friend in the lockdown
LAW FOR ALL remains fully operational during the national lockdown. Be sure to get in touch with us for legal advice about debt or legal assistance with setting up debt repayment plans with your creditors.
For more about our policy benefits, see our Policies.