If your income has dropped as a result of the coronavirus lockdown, check the credit life insurance on your credit agreement before you opt for repayment relief offered by the main banks.

Any credit life insurance taken out with a credit agreement after August 2017 should cover your repayments or part of them not only if you are retrenched but also if your income drops because you are forced to take unpaid leave, go on short time or take a pay cut...

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