The Corona Virus pandemic and subsequent restrictions imposed under the government’s lockdown policy have adversely affected a large proportion of household income. A survey recently conducted by TransUnion disclosed that 82% of consumers had seen their income negatively impacted as a result of the pandemic.
The End of Payment Holidays
At commencement of the lockdown, most financial institutions provided consumers with debt relief by way of a 3 month payment holiday on repayments for the months of April, May and June 2020. However, this short-term relief has come to an end with consumers expected to resume payments in July 2020.
What Happens If I Cannot Pay My Debts
If you are unable to pay your debts when the payment holidays end, the first step we suggest you take is to contact your credit providers and see if they are willing to reduce your monthly repayment amounts.
Should credit providers reject requests for lower and affordable repayments, we at Fix Debt can assist you by completing a financial assessment based on your income, living expenses and debt repayments. We will also advise you on how we can protect assets from repossession, reduce interest rates which will in turn reduce monthly repayments, and consolidate all debt installments into one monthly payment.
For more information and a free financial assessment, please complete our contact form or contact us on info@fixdebt.co.za, 011 568 5038 or 064 535 1335 (whatsapp).