Into our first week of lockdown government has put measures in place measures to help assist individuals and business, but will this be enough to get us through?

Banks are also helping. The undermentioned banks have set up dedicated contact centres to manage queries, applications for debt relief and payment holidays. Understandably high call volumes are slowing their turnaround times- they ask that customers please be patient, they know these are stressful times and are trying their utmost to get to every customer as soon as they can.

ABSA

In a statement just released by ABSA to its customers, it will be “introducing an extensive individual and business customer Payment Relief programme for those impacted by the lockdown. This comprehensive solution applies to our retail and business credit products, including home loans, vehicle finance, personal loans and credit cards as well as commercial asset finance and mortgage-backed business loans”.

As of 01 April, Absa will pre-screen customers and send an SMS offering this capability to their customers- who will opt in or out. Customers can contact ABSA using the following e-mail address: bondrs@absa.co.za.

New and existing home loan applications will be processed but not within normal parameters. While ABSA remains open to queries, escalations and appeals, they request that all Home Loan customers be patient with the scaled down processing capacity.

First Rand Group

FNB has just released an outline of their relief measures to the public, effective from 1 April to 30 June 2020, for those customers who’s financial stability has been impacted by the Covid-19 Lockdown.

Individuals and business customers can contact FNB via their usual digital and assisted banking channels to enquire about these services. During this week, customers will also be able to get more information on their current Covid-19 relief measures through a dedicated icon on the landing page of the FNB banking app.

FNB’s Processing teams, Credit Analysts, Relationship Consultants and Provincial Sales Managers are working remotely during the lockdown period. They will continue to process new and existing Home Loan applications.

FNB has instructed us not to meet with any of its bond customers during the lockdown period, not to make any arrangements to sign documents electronically, and not to email any bond documents to clients.

Nedbank

Nedbank is also offering relief packages to their clients. “This support could include deferring payments or part thereof for a suitable period, extending existing loan periods or extending additional credit to manage short-term cash shortfalls. Clients can contact Nedbank on 0860 555 111 or email them at moratoriumrequest@nedbank.co.za to get more information.

Nedbank has confirmed that it will not be sending out any New Loan or Further Loan instructions until 16 April 2020. Priority will also be given to re-advance applications.

Nedbank’s regional teams are working remotely on all new and existing home loan applications. Nedbank Home Loans customers can make contact via 0860 553 573, however call volumes are high, so if customers struggle to get through they can e-mail HLCollections@Nedbank.co.za for assistance.

Standard Bank

On 29 March 2020 Standard Bank announced its second wave of relief measures to its customers. The payment reprieve is aimed at easing the financial burden of customers earning R7,500 or less, who will receive three-month instalment relief if they are not in arrears on any of their accounts (as at 31 March 2020). This relief applies to qualifying customers and their associated accounts, which include home loan, vehicle and asset finance, credit cards as well as short term loans.

Should customers want to make an enquiry about a moratorium/Payment Holiday they can e-mail debtcarecentre@standardbank.co.za, however given the volume of enquiries a delayed response should be expected.

Standard Bank has also confirmed that existing and new Home Loan applications will be processed but not within normal turnaround times. Standard Bank’s Home Loan Call Centre is operational but once again, will be operating with reduced capacity.

We at Miltons Matsemela Inc. have measures in place to acknowledge new instructions received from the Banks during the lockdown period. We shall be in contact with clients to communicate all requirements via telephone and email, in preparation for the signing consultation which will only take place after the lockdown is lifted.

We ask for your patience and understanding towards us and our partners in these trying times.

Miltons Matsemela
31 March 2020