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WENDY KNOWLER | Payment holidays turn into nightmares for lockdown debtors

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A lack of disclosure from Sanlam saw a Verulam lady agree to a sixth-month payment holiday which cost her R61,600

For many of those whose incomes were dramatically reduced or obliterated as a result of last year’s Covid-19 lockdowns and restrictions, their credit providers’ offer of a payment break was grabbed with both hands.

Last August, DebtBusters COO Benay Sager warned that payment holidays would add considerably to consumers’ debt...A subscription gives you full digital access to all Sunday Times content.Registered on the BusinessLIVE, Business Day or Financial Mail websites? Sign in with the same details.

 

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