Payment holidays from the banks - can they be trusted?
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.Wendy Knowler, consumer journalist
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.
Listen to the entire interview below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.
As South Africans look for ways to make extra cash, Gumtree South Africa has warned consumers not to fall prey to online fraudsters.Read More
The Ombud for Short Term Insurance’s aim is to resolve short term insurance complaints ''fairly, efficiently and impartially''.Read More
Wendy Knowler, consumer Ninja, on the small print and pitfalls of credit life insurance.Read More
The annual banking ombuds report has been released. Were they good, were they bad; how many complaints have been received?Read More
Car dealerships and repair shops have been allowed to reopen under very strict conditions, explains consumer journo Wendy Knowler.Read More
It seems many credit life claims are being rejected. Here are nine companies that were named and shamed in a new report.Read More
You can send your consumer-related questions and queries to consumer journalist Wendy Knowler via firstname.lastname@example.orgRead More
Certified financial planner Kobus Kühn has compared what various companies, long-term insurers, and medical schemes are offering.Read More
Consumer journalist Wendy Knowler has compiled some information regarding credit insurance policies offered by various banks.Read More
This edition of Consumer Corner looks at how lay-offs, closures and quarantine will impact people's income and ability to repay debt.Read More