V2
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not seen these videos due to bandwidth issues, I assume that’s times square?
the visuals around the world have really been very eerie and surreal.
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Absa offers payment relief to customers impacted by COVID-19
Dear customer,
The unprecedented spread of COVID-19 has had a wide reaching impact on individuals, businesses and communities in South Africa. As Absa we want to assure you, our customer, that we understand the profound impact the drastic but necessary measures taken by the government to prevent the spread of COVID-19 may have on your financial position. We are here and ready to support you.
We are therefore 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. These solutions cut across business bank, private bank, wealth and retail customers. Products not listed may be considered on a case-by-case basis.
Moreover, our support to businesses is not limited to specific products - we will also consider bespoke solutions for businesses to assist them over this period, based on their unique requirements and operations.
The Payment Relief programme will give customers the opportunity to either continue paying if they are in a position to, or to defer payments for a period of three months. Customers will not be charged administration fees for the payment relief.
Customers with up-to-date accounts will have the opportunity to opt-in for payment relief aimed at assisting with cash flow needs during this time. Credit agreements will be adjusted, by revising the loan period and capitalising interest during the relief period.
This is a challenging time when all of us have to stand together to assist those with the greatest need. Therefore, we urge customers who are in a position to continue making their payments to do so. Those payments will enable us to extend the assistance to more of those who are in a challenged position. The payment relief doesn’t currently apply to customers under debt review and their existing arrangements will continue to apply.
We will approach qualifying customers directly to discuss their payment relief options. The programme is testament to our commitment to finding real, customer-focused solutions, at a time of great uncertainty for everyone.
We have noted the sovereign downgrade by Moody’s Investors Service, but we want to assure our customers that South Africa’s financial system remains stable. It has withstood significant challenges, including the global financial crisis of 2008/9.
South Africa has seen heightened risk of sovereign rating downgrades during the past two years. In preparation, Absa has built substantial buffers to withstand market-wide systemic shocks such as the current event. This is why we are now able to offer the assistance programme we begin offering today.
We continue to monitor the situation and to work together with our peers in the banking industry, regulators and the government to find solutions to the many challenges we will no doubt face in the coming weeks and months.
Please stay safe and stay healthy.
Kind regards
The Absa Retail and Business Bank Team
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Day 6
16 days to go
We’ll get through this
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Interesting…
Wonder what this will mean for pets world wide
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I dont believe any news today…
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it would honestly be in bad taste to joke about such a dire and concerning situation, in my opinion.
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I work as IT for a company in the food services industry (we do the packaging for boxed juice, long live milk and various other foods). Luckily I am not at the factory site, more in the sales and finance office, so I work from home and try to assist people remotely. Luckily our company is geared towards remote work, the only desktop computer we have is for the receptionist, the rest are on laptops.
Remote work and VPN is standard (audio and video, we use CISCO Webex, Jabber and MS TEAMs), so it was more a matter of getting people proper internet, company gave people money for data.
I feel lucky, so many people, like my wife, forced to take her yearly leave now. I work but just from home.
I have a colleague in Iran (our group consists of the whole GMEA) and its really rough there, besides the pain and death caused by COVID-19, so many ppl are without work, they have had their “new year” now and lots of work contracts arent renewed because of the uncertainty (besides the sanctions), says a lot of his friends are without work now.
I’m at the stage now where these tiktok Corona vids and jokes annoy the crap out of me, the jokes have run their course. People are going on like a little child, dont know when to stop.
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Day 7
15 days to go
Getting there
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Very interesting. There was a Cessna and a helicopter flying over Centurion this morning. Wonder if it’s someone take photos/video like these guys.
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We also had some helicopters flying over us yesterday which never happens here.
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I know there are a lot of technologists on this forum… OfferZen has been asked by the Presidency to help co-ordinate South Africa’s tech community to respond to COVID-19:
If you are willing and able, please consider volunteering.
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That’s a good idea. Unfortunately I’m stuck with a deadline. So tired of work.
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Sounds good
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Day 8
14 days to go
1 week done, 2 to go.
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I agree completely, and am happy to see no April fools jokes around this crisis!
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