A payment holiday helps when times are tough and the world has change for the worse, people are losing their jobs, business are closing down and the government is trying its best but it can not reach everyone in South Africa. If you have a loan or any financial monthly payment that you are making at the end of the month such as car finance, bond or furniture and you are struggling to make payment due to covid 19 and the struggle to get cash during lockdown, you might need to look into a payment holiday.
A payment holiday is a form of a delay in payment of you installment for a certain period of time it can be 3 to 5 month depending on the institution that you have made arrangement with. To find out if your creditor does provide payment holiday you can contact your credit provider.
When you are in a payment holiday you’ll still get the interest on the balance of your loan or credit, even the monthly fees as well. The good thing is that it’ll give you one less thing to worry about when your income has temporarily dried up.
Most major banks in South Africa do provide a payment holiday, FNB started to provide it from 15 June, Standard Bank also does provide payment holiday on all loans, Capitec Bank does also provide credit relief and assistance, Nedbank also provide temporary break from your monthly repayment for a specified period called debt restructuring.
If you are interested on taking a payment holiday because of financial struggles please contact your creditor for more information.