“Nedbank is mindful of the economic impact the COVID-19 pandemic is likely to have on our clients, many of whom are already under pressure due to the country’s low levels of economic growth. In keeping with our purpose of using our financial expertise to do good for individuals, families, businesses and society, we will assess each case on its own merit. We will continue to be guided by our existing lending policies which includes a number of solutions designed to assist clients experiencing payment difficulties. Examples of well entrenched solutions in place include:

• Bespoke payment arrangements which allow consumers to repay their arrears over time
• Restructuring of debts, where the latter incudes possible term extensions and reduced instalments
• We suspend/stop legal action under certain instances
• Nedbank also supports the Debt Counselling remedies provided for under the National Credit Act

 We at all times take into consideration each client’s unique circumstances and our desire to work alongside clients who face challenges to rectify these challenges in the most appropriate way. We encourage clients to contact the bank to provide assistance when in need. Due to the extraordinary times we currently operate in, we will also continue to engage with regulators and industry bodies and be guided by what government is looking into in terms of a comprehensive set of measures to mitigate the expected impact of COVID-19 on the economy”. 

Want to know more about payment arrangements during Covid-19? Click here.