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Battling to make a loan repayment? Talk to us!
We are always here try to find the best solution for you.
Your relationship with your bank is in many ways similar to your personal relationships. Not communicating, for example, is a cardinal sin that’s ruined many a fairy-tale love story. This is especially true if you should be talking about a problem but keep quiet because you are too afraid to open up. Who hasn’t picked up the phone, dialled the number and hung up nervously because you’re afraid to make an important, confessional call? It’s probably safe to say we all have.
Opening up is liberating
And what about the times that you have been brave enough? Most times you’re left feeling like a huge burden has been lifted from your shoulders. And that’s because it’s always better to address a sticky situation, rather than having it turn into a complicated mess that seems to suck you further down.
No matter how dire your situation seems, know that we’re on your side
So, if you're having difficulty keeping up with your loan repayments, speak to us. The best way to do that is to call us on 080 111 4949. This is a contact centre where you can find support and assistance in resolving problems.
And always remember, your credit agreement includes credit life insurance that may well be part of the solution. If you have been retrenched or suffered permanent loss of income, your credit life insurance could also cover your repayments for 6 to 12 months. If you pass away or become permanently disabled, it would cover your remaining loan amount in full.
What to expect
We always aim to find solutions that work for you and for us. No matter how dire your situation might seem, be assured that we’re on your side.
All you need to do is reach out and explain your situation, so that we can come up with the best solution. Depending on your circumstances, this might be a repayment arrangement plan or consolidation loan that reshapes the terms of your loan.
This type of arrangement usually extends the life of the loan, so that you pay less every month.
For example, if you still owe R10,000 on a loan that you’ll still be paying for the next 2 years, your monthly repayment is around R780. If the remaining loan term is extended to 5 years, that amount drops to less than R400 a month.
The ‘cost’ of lowering your monthly repayments is that you end up paying back more in total. Over the 2 years, you would pay back a total of R16,000. Over 5 years, though, that total repayment grows to almost R24,000.
Quick and painless
Unlike relationship issues that you’re scared to talk about, you should be able to resolve any payment problems on a single, honest call to our Contact Centre. You’ll be presented with an option we believe is best for your circumstances, and if you agree, this can come into effect immediately.
The consequences of not speaking up, unfortunately, can be much harsher than a broken heart. The best way to avoid penalty fees for late payments or worse, a legal process, is to just pick up the phone.
