The payment holiday is over, now what?


115 days ago

The end of June marked the end of the payment holidays offered to millions South Africans in light of the coronavirus pandemic.

According to a TransUnion survey, nearly a quarter of consumers surveyed said they had taken advantage of payment holidays being offered by banks and service providers.

But now that the three month holiday period is over, just how will consumers cope when it comes to paying their bills?

CapeTalk's Africa Melane spoke to financial planner Slyvia Walker who says payment holidays while providing some interim relief, aren't always as attractive as they may first appear:

The catch behind that, while good in the short term, is that interest and insurance and fees and all that just accumulates on those loans.

Slyvia Walker, Financial advisor

Even for those people who have now gone back to work and are earning a salary, they've still got a lot of catch up to do.

Slyvia Walker, Financial advisor

Walker advises those people who are still struggling to make ends meet to speak to their bank or service provider as soon as possible.

The major banks have said they will consider extending the payment holiday, but it's obviously assessed on merit.

Slyvia Walker, Financial advisor

Find out what your options are now the payment holiday is over - click below:

This article first appeared on CapeTalk : The payment holiday is over, now what?

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