Banks willing to extend relief packages if you are struggling
‘To qualify, clients need to honour loan instalments after the relief period’
If you've taken a payment break offered by your bank or restructured some of your bank debts and honoured the terms of the deal, you may qualify for more relief.Capitec announced this week that customers who have made use of the three-month payment break could be refunded all of the interest that accrued to their loans, and First National Bank said last week it will grant a three-month extension of payment breaks to consumers who are still in financial difficulty due to the pandemic.Capitec's interest refund is available to all customers who opted to take the payment break or rescheduling relief plan between March 27 and June 30, according to a media release. While payment breaks offer temporary financial relief for a set period, loans still incur interest, which increases the total cost of credit. Gerrie Fourie, CEO of Capitec, says those who took payment breaks constitute only about 20% of its customers who have credit and the bank will waive the interest accumulated durin...
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