The impact of the coronavirus on people’s ability to earn an income and remain committed to their financial obligations has been huge.
A number of financial institutions have offered South Africans a payment holiday or an opportunity to pause or reduce monthly repayments for a period of time.
There are some things to consider before taking a payment holiday, like:
- How will this affect the repayment term and interest rates?
- Who is eligible for a payment holiday?
- How could this benefit business owners?
- Are there alternative ways for a business to pay off debt at this time?
We opened this discussion up to our community in a live Q & A with DoughGetters Accounting, an online accounting consultancy which works with SMEs and small businesses.
Watch the live Q & A:
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