The depth and scale of voluntary vehicle surrenders and owners trying to offload their homes as the cash crunch bites is potentially in the thousands.
The four banks said they collectively offered payment breaks to nearly 1.3 million customers, totalling about R100 billion in relief for desperate customers during the lockdown. “It is too early for us to predict the full extent of the default rate due to uncertainty in the micro and macro environment. However, based on how severe and rapid the impact of the pandemic has been to consumers, we expect significant strain to manifest on the management of consumer credit obligations,” Mkhize said.
DA spokesperson on finance Geordin Hill Lewis said people were feeling the consequences of the hard lockdown. The SA Federation of Trade Unions and Cosatu said the government should have monitored banks closely. She said FNB had supported more than 300 000 customers with about R5 billion in relief through payment breaks as of June 15. The bank also said it could assist qualifying individuals for up to six months.
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