| Bank instructs on debt, loans |
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| Written by Staff Reporters | |
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Standard Bank has put together an article aimed at educating the public on foreclosures (call-up of debts) and re-possession.
The bank is convinced that it is vital for clients to furnish the bank
with full and correct information on the date of application to ensure
that they are not over-committed, and should be able to cope with
interest hikes and other unforeseen circumstances.
This information was released with the intention of assisting people in making financially knowledgeable and informed decisions. The bank says clients are also encouraged to make use of assurance and insurance policies as cover in cases of retrenchment, permanent or temporary disability and death. Should clients realise that they are no longer able to live up to their monthly home loan payments, they should engage with the bank as soon as they experience difficulties, instead of waiting until the situation becomes irreparable. The bank sees the article as an effort of public’s financial literacy, and one of the bank’s primary aims in lending is to ensure that the lender can afford such debt and can repay within normal means. |
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