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Payment holidays from the banks - can they be trusted?

25 March 2020 7:57 PM
Tags:
Banking
Debt
Wendy Knowler
interest
consumer corner
consumer ninja
payment holiay
repayment

Consumer Ninja, Wendy Knowler, on payment holidays from banks in which you get a break from interest and repayment of debt.

Some banks have temporarily halted loan payments for students and small businesses for two months to ease the effects of the coronavirus outbreak.

Over the same period, zero interest or fees will be charged for student loans.

But, asks The Money Show's Whitfield, should the phrase "payment holiday" not send alarm bells ringing?.

Remember those car ads that said 'Buy now and pay in three months' time'.

But that interest is going to catch you...

Standard Bank says zero fees - what about the interest though? Funnily enough, I'm not getting too much response on that question.

Wendy Knowler, consumer journalist

Nedbank has been the most forthcoming.
They said if they re-structure a loan the re-arrangement of the current monthly payment schedule, which includes a review of the interest rates charged, may result in an increase of theoriginal loan term- in other words you'll pay less interest but you'll pay for longer.

Wendy Knowler, consumer journalist

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This article first appeared on 702 : Payment holidays from the banks - can they be trusted?


25 March 2020 7:57 PM
Tags:
Banking
Debt
Wendy Knowler
interest
consumer corner
consumer ninja
payment holiay
repayment

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