PAYING YOUR DEBTS
Payment deferral is for people who have been affected by COVID 19 and for people who have a financial problem as a result of Covid 19. Let us not encourage people to go into further debt.
WHAT IS PAYMENT DEFERRAL?
Payment deferral means that you will still need to pay, but it will just be extended for a longer period of time, so it is not about waiving monthly payments but extending it. The government is providing many benefits presently to support people with job loss, business loss etc. Of course people should take such help if they’ve been affected, and try to carry on with their payments if they can, rather than differ it.
This is a correction, a global economic change and we all have a role to play. Let us not differ payments or stop paying our debts if we can afford it. If you cannot, then do seek out the government’s help for assistance which will help you to pay your way.
Some people may try to take advantage of the system in this time hence a person’s financial situation will be taken into factor when applying for such deferral and government programs. Banks are receiving approximately 5000 calls per day right now.
Given the timeline since this outbreak – the government, healthcare professionals and banks are working as fast as they can with the resources and staff they have to help bridge the gap in this difficult time for those in need.
If you cannot reach anyone by phone, then send a fax and keep the confirmation of fax sent, or contact your financial advisor or mortgage professional for assistance.
REFLECT AND SLOW DOWN
Indeed, it is a stressful time for all but with this correction, it gives us an opportunity to slow down and realize who is in control, what truly matters, realizing things can change drastically beyond our control so….I trust that we all take a lesson from this and grow.
“I remain hopeful, optimistic and grateful” Ameera Ameerullah