Maya and Mapalo unpack exactly how access bonds work and when advance payments on your car can be used to settle the balloon payment.
Category - My Credit/Debt
Many people have complained about the management of their payment holidays.
I chat to Mark Brits of the Banking Association of South Africa, to help us understand how interest rates work.
The lay-by system has largely fallen away, replaced by easy ‒ yet expensive ‒ credit in the form of store cards and credit cards.
Most agreements to suspend debt repayments or monthly premiums have come to an end. Make sure you understand how this will affect your finances.
Formulate a debt repayment plan that combines managing your monthly budget with a disciplined debt settlement schedule.
Maya & Mapalo discuss the good and dark side of credit, and whether the concept of the lay-by will come back into fashion as technology changes.
A salary advance could be an attractive alternative to a traditional payday loan.
While a debt payment holiday may seem like welcome relief, it might end up costing you a lot more than you realize.
Payment holidays offered from April to June 2020 will cost an additional R20.7billion in debt for those South Africans who participated.
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy.
If you have taken a debt payment holiday, make sure you catch it up.