TimesLIVE | Payment holidays turn into nightmares for lockdown debtors

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.

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