The African Bank saga and what this means for you

29 August 2014

We have all recently heard about African Bank’s demise. In two days, the value of ABIL shares dropped by almost 90% and subsequently, The South African Reserve Bank placed African Bank under curatorship.

Curatorship is a protection procedure, comprising a new plan to maintain African Bank’s future as an issuer of credit. African Bank will remain open and therefore business will proceed as usual.

The big question is – what does this mean for you and your debt?

  1. The curatorship will not affect you in any way.
  2. All loan agreements will remain unchanged and all of your monthly instalments will not be affected.
  3. Loans and outstanding debts need to be repaid.
  4. All credit agreements you have entered into need to be honoured. You are still liable for your debt.
  5. Credit agreements entered into after African Bank went under curatorship are still valid and remain unaffected.

What about your savings?

  1. If you have a savings account, you will still have access to all your money.
  2. Deposits made after African Bank went under curatorship remain safe.

Does this affect your accounts under Debt Counselling?

  1. Negotiated repayment terms and agreements will be unaffected.
  2. You need to make your full monthly debt repayments, as per your payment plan.
  3. Failure to pay your debt can result in legal action taken against you.

What can DebtBusters do to help you?

  1. We will reduce your total debt repayments.
  2. You will make one combined monthly debt repayment that you can comfortably afford.
  3. We will save you money.

If you are not an existing DebtBusters Client and you are having difficulty making your debt repayments, call DebtBusters before you default on payment.

Act before it is too late. Call DebtBusters today on 0869 99 06 06.

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