Many people sighed a sign of relief as 2019 drew to a close. It was a tough year – economically South Africa was struggling, unemployment numbers rose, interest and repo rates were increasing, and it was not uncommon to hear how many people were looking forward to 2020 and the new opportunities that the new year – as well as the new decade – would bring.
Enter 2020 – and the world was struck with a deadly virus that forced governments and country leaders across the globe to put extreme measures in place to protect their countries, their economies and their people. The leaders of South Africa declared a state of emergency and started to put disaster relief measures in place. Among other procedures, a nation-wide lock-down was announced, urging citizens to stay at home.
Some businesses responded by implementing “working from home” operational processes, and in a lot of cases it seems to work really well. Unfortunately, the opposite is also true – in a time when many people were already struggling financially – the order to stay at home also means not earning an income, and many South Africans now find themselves feeling the full burden of the economic pressure.
Most of South Africa’s banks and credit providers have responded to consumers’ credit obligations where they were no longer able to honour the agreed payment terms and started to offer payment holidays and other relief measures. However, we find that many consumers are unaware of the various options available to them to assist – such as Payment Holidays, Debt Counselling, Debt Consolidation, Sequestration and Administration Orders.
However, it is crucial that you speak to us before you make a decision. Our team of experts will help you asses your financial situation and make sure you choose the best option.