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Live Q&A: Should I take a payment holiday?

Article provided by Lulalend

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:

Join us next time

If you’d like to be a part of our next live chat, join our SA Small Businesses Unlocked Facebook Group here.

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