The party also suggested that small, medium and micro enterprises be excused by their landlords from paying rent for their businesses.
SA’s banks are committing to more subtle forms of financial breaks for their clients, who are suffering huge income losses as a direct result of the pandemic.
Absa said while it was too soon to speculate about possible defaults, “we are looking at various possible scenarios and related actions that may become necessary should customers find themselves in financial difficulty”.
“We would like to heighten our call to our customers to approach us directly in the event of any form of uncertainty, including financial distress, during these unprecedented times.
Nedbank said it was mindful of the economic impact the Covid-19 pandemic was likely to have on its clients, “many of whom are already under pressure due to the country’s low levels of economic growth”.
“We will assess each case on its own merit and continue to be guided by our existing lending policies, which include a number of solutions designed to assist clients experiencing payment difficulties.”
These would include: tailored payment arrangements, allowing consumers to repay their arrears over time, restructuring of debts by means of term extensions and reduced instalments, and suspending or stopping legal action “under certain instances”.
“We encourage clients to contact the bank to provide assistance when in need.
TimesLive
