Financial services providers have stepped in and offered various relief measures to consumers buckling under financial pressure because of the national lockdown. persfinza
Support mechanisms ranging from premium holidays to payment breaks are being offered. But before accepting any relief offer, do make sure you understand the long-term implications of what’s on the table.
“Payment holidays are only one of many options that are available for consideration by consumers who may be impacted financially by the economic lockdown,” says John Manyike, Head of Financial Services as Old Mutual.Various financial services institutions have offered qualifying customers payment holidays. As part of these agreements, customers’ repayments on debt or insurance premiums are waivered for a period of up to 3 months.
Increasing excesses in line with reduced risk. Preliminary numbers indicate that claims are decreasing in lockdown. If you live in a security complex, lockdown presents a great opportunity to increase the excess – even a relatively small increase in excesses on any of these policies dramatically reduces premiums since chances of vehicle damage, theft or robbery in lockdown have reduced.
The SA government has also launched a R500 billion stimulus package intended to limit the impact of Covid-19 on the economy. The funds will offer relief to businesses, social grant recipients and the health sector. The extension of temporary social grants to the unemployed should help alleviate the impact on those on the breadline. Contact the South African Social Security Agency on 0800 002 9999.
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