Banks - Loan "Break"

Hamster

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Just make sure this loan break is an interest break as well.
 
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Jonny_9

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Oct 19, 2017
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The shop I have is managed by Daleglen, who have 4800 properties in Cape Town. They were not interested in what they call "excuses" and said that a lease was signed which must be adhered to

The shop next door manages a maid service and her turnover dropped to zero this morning. Three ladies turned up, instead of 12. There are no customers and all her 10 regulars cancelled
I too have a small (non-essential) retail shop in an expensive shopping mall.

Have been doing reasonably well until Saturday. Sales are a smidgen above zero over the last 3days.
With 21 days (or more???) lockdown- will we have to pay rent? If so, many business will shut their doors forever. And the smaller the business, the more likely to shut.

If I shut then i am buggered. A bank-loan temporary reprieve will help me nought as I don't have a loan. Sold my house to buy the business. So if the business closes I will be on the streets I guess.

I read online that in Adelaide, Aus there is a growing movement of tenants and landlords agreeing to allow the next 3months to be rent-free.

Can we do this too?

Please update on this thread if you have any new news/info regarding SA commercial landlords and this nasty matter.
 

Gordon_R

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Flarsiep

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Normal Loan Payment of R7500 on my house. Of which 5000+ is interest.
So one month skip equals three more payments to catch up on the interest again.
think i worked that out right?
Lots of help that. Damn.
 

pain_killer

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Sep 26, 2012
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Spoke to Fnb with regards to a home loan payment break, it seems it's the same BAU process thats being followed prior to the Corona virus outbreak. In a situation where no work no pay comes into play how are we meant to continue regular payments???
 

pinball wizard

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Good day,

Does anyone know of a mechanism that kicks in for consumers when we are in "kAk" like this?

Been trying to get through to FNB check if they are willing to assist in these uncertain times.....
Are you in kak though or are you looking to cheat the system?
 

ToxicBunny

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Spoke to Fnb with regards to a home loan payment break, it seems it's the same BAU process thats being followed prior to the Corona virus outbreak. In a situation where no work no pay comes into play how are we meant to continue regular payments???
Did you speak to a standard consultant or someone further up the chain.

I would assume that the full ideas for this have not been fleshed out properly at the banks yet. We will see a different response next week or the week after from them.
 

pain_killer

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Sep 26, 2012
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Spoke to the consultant and all he did was downplay the efforts of standard bank saying that they surely have a similar process where they need 10 days to review your application. Fnb has been terrible in terms of the support to its customers in this time, only mentioning SME's in their last communication.

If I survive this I would definitely look towards moving my entire portfolio to a financial institution who actually didn't shy away from taking taking up this challenge with new ways to support their customer.

Fingers crossed they wake up and smell the situation their customers are facing.
 

Ken Nakamura

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Feb 21, 2020
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FNB is a bank that loves you when you have money. When you lose your job they have no hesitation to pursue you with a default judgement faster than you can say the actual word "FNB".

Also it is worth mentioning that banks in general do not care about you or your problems. A payment holiday in this country is a foreign concept, and its not likely to happen as we would hope it should.
 

[XC] Oj101

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Jun 4, 2010
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I also spoke with FNB and DirectAxiz, it's a no from both after an hour wasted on the phone. I even gave a good amount of notice, as I requested a break for the end of April (my wife will be getting approximately 25% of her salary due to three weeks unpaid leave).
 

Ken Nakamura

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Feb 21, 2020
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I also spoke with FNB and DirectAxiz, it's a no from both after an hour wasted on the phone. I even gave a good amount of notice, as I requested a break for the end of April (my wife will be getting approximately 25% of her salary due to three weeks unpaid leave).
Both are part of the same group if I am not mistaken.. First Rand Bank Group.
 

Mike Hoxbig

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whatever "repayment holidays" banks come up with, you can be sure they will not be losing a cent ....
Definitely won't be, and most likely will be making money from it over the loan term.

But the payment break is incredibly useful for borderline cases who need immediate cashflow in the short term...
 

pain_killer

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Sep 26, 2012
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I am sure there are way more individuals facing a similar situation so will banks just charge you penalties for non payment and make money out of this crisis.

There was no choice in this Lock down and I understand it's for the better good of our population but when everything returns to normal and you survive the Corona outbreak you won't survive the depression outbreak with all the outstanding bills.
 
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