Understanding the payment relief offered by your bank and the costs involved is important, even if you have no choice but to take it. But the cost shouldn't necessarily be your key concern; the predictability of your future income and what you can afford to pay after the payment break are critical.

Most banks are offering a payment holiday during which time you do not pay instalments but interest accrues on your loan and the interest and repayments you do not pay extend the term of your loan...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now