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Loan Repayments

Anonymous asked 8 months ago

I resigned from my job in August and I have been using my savings to pay off my debts and this month will be the last month I’ll be able to make payments until I find a job. Is there an agreement I can enter into with the service providers till then? Can they be held/stopped until I start working again or the insurance that comes with the loans, can it cover them?

1 Answers
Carien Kruger Staff answered 8 months ago

Good day,

Thank you for your question.

It is a great idea to talk to your creditors. Your best bet would be to keep negotiating with them to see if they can offer you some sort of breathing space for a few months. Pay them as far as you can, and search for employment vigorously. If too much time passes and you still do not have employment, they will summons you. You will then be able to explain to the court that you are unemployed, and you can ask the court that they give you 3-6 months to find a job. Do not stay away and ignore a summons. Show up at the court and state your case.

Regarding your credit linked insurance, you will have to take a look at the agreement to see whether there is an unemployment benefit.

Kind regards