Banks - Loan "Break"

iDOL

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Nov 20, 2006
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2,373
As per this message, just hold off whilst they clarify what can be done - consultants on the ground won’t know anything different other than the current position.

I believe Standard Bank have opted to grab the first move advantage without knowing what the government or reserve bank will agree to.
 

Brenden_E

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Aug 30, 2006
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4,705
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.
If the next 3 months are rent-free how will the landlords pay their loans? Most landlords require the income from their tenants to make ends meet as well.

This is definitely not a blanket solution. Good luck with the business, I can imagine it's not a fun time to be a small business owner at present.
 

Gtx Gaming

Gtx Gaming
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Aug 25, 2008
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18,190
Fnb said best they can do is let the debit order run and then reverse it if need the extra funds. I did a few manual transfers to the loan account much more then required min, so that's really kark excuse from them.
 

chrisc

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Joined
Aug 14, 2008
Messages
7,980
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.
Daleglen graciously (!) said that the rent can be up to 2 weeks late with no penalty. I lent the fellow who manages it, 2 months rent
 

Bismuth

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Jun 22, 2007
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3,335
My wife has a Capitec loan, she phoned them yesterday and they gave her a 2-month break, and reduced payment the 3rd month. After that, slightly higher repayments to catch-up the "missed" payments, so as not to extend the loan or increase the interest.

All done telephonically within 20 minutes.
 

Ken Nakamura

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Joined
Feb 21, 2020
Messages
73
My wife has a Capitec loan, she phoned them yesterday and they gave her a 2-month break, and reduced payment the 3rd month. After that, slightly higher repayments to catch-up the "missed" payments, so as not to extend the loan or increase the interest.

All done telephonically within 20 minutes.
Capitec cares about their clients apparently. FNB, on the other hand, as per previous experience, feel nothing.
 

beans100

Honorary Master
Joined
Jul 30, 2010
Messages
11,289
Is absa Bank giving 3 months no loan payments
They took their installment this morning. They were also very quick to sms me, just after the lock down announcement, to remind me that my deduction will be made today.
 

Stuey74

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Jun 4, 2014
Messages
323
They took their installment this morning. They were also very quick to sms me, just after the lock down announcement, to remind me that my deduction will be made today.
Had SMS's from various places reminding me of debit orders, places who have never reminded me before........
 

Ken Nakamura

Active Member
Joined
Feb 21, 2020
Messages
73
They took their installment this morning. They were also very quick to sms me, just after the lock down announcement, to remind me that my deduction will be made today.
The other bank that swiftly gets judgement against you despite your best efforts to enter into payment arrangements.
 

Jonny_9

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Oct 19, 2017
Messages
101
Daleglen graciously (!) said that the rent can be up to 2 weeks late with no penalty. I lent the fellow who manages it, 2 months rent
Yes, those 2 weeks will certainly be the silver bullet to all of our 2month+ covid woes..........*sarcasm*
Look, let me tell you that it's better than nothing, but the parties coming to the party should get a bit more real if we are to have a smooth curve up and out of this sh*tshow doldrum. (All mutually beneficial ya know)
 

Jonny_9

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Joined
Oct 19, 2017
Messages
101
Oh, and I did send my mall landlord a letter to decline paying rent for the next few months until the human reaction to covid is settled down. (I have never not paid a bill in my life) but cannot afford rent, creditors etc etc with a shut shop. Let's trust they come to the party. If not... anyone keen on buying my fairly lucrative retail gift shop? PM me ;-)
 

schitz011

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Aug 30, 2005
Messages
1,095
Not that'll help any SA peeps, but my experiences here in the UK re credit arrangements has been fairly straight forward. I called HSBC about getting my credit card frozen for 3 payment cycles. Took 90mins to get through to someone (reminding me of when I used to call Telkom for shits and giggles), but in 5mins I had my payments suspended, no additional interest added during the period, but without access to the remaining credit on the card.

As it turned out, she was also able to access my business account (also HSBC), and suspended both the business card payment, and the small loan I have.

I also have a personal loan through the AA, and left a message to have them call me back about a payment holiday. No call back, but letter through the post this week saying that was cool, and no payment due until July, and no additional interest added either.

As for my business landlord, they aren't answering the phone or email, but the word on the ground here in my business complex is that they have said 'no way' and expect payment in full... :(
 

dunkyd

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Mar 5, 2009
Messages
4,642
Not that'll help any SA peeps, but my experiences here in the UK re credit arrangements has been fairly straight forward. I called HSBC about getting my credit card frozen for 3 payment cycles. Took 90mins to get through to someone (reminding me of when I used to call Telkom for shits and giggles), but in 5mins I had my payments suspended, no additional interest added during the period, but without access to the remaining credit on the card.

As it turned out, she was also able to access my business account (also HSBC), and suspended both the business card payment, and the small loan I have.

I also have a personal loan through the AA, and left a message to have them call me back about a payment holiday. No call back, but letter through the post this week saying that was cool, and no payment due until July, and no additional interest added either.

As for my business landlord, they aren't answering the phone or email, but the word on the ground here in my business complex is that they have said 'no way' and expect payment in full... :(
Banks here in SA would NEVER stop interest !!!
 
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