The South African Airways (SAA) employees who have only been paid half of their salaries for this month should not be penalised by banks and other creditors.
So says financial expert Samke Mhlongo, private-banker-turned-wealth-coach at TNC Wealth Partners.
Cash-strapped SAA has only been able to pay half of its staff salaries for November.
The airline says the rest of this month’s money will be paid next week.
Meanwhile, employees are faced with bond repayments, car instalments, personal loans, school fees, retail accounts and other monthly bills.
Some have scheduled debit orders and could see themselves in arrears because of insufficient money in the bank.
I spoke to a couple of the banks actually, around this issue.— Samke Mhlongo, Wealth coach - TNC Wealth Partners
It's not the consumer's fault that they're not going to be paid their full salary. Therefore, they shouldn't be penalised for not being able to meet their living expenses.— Samke Mhlongo, Wealth coach - TNC Wealth Partners
Mhlongo says consumers should always approach banks immediately to make an alternative payment arrangement when they realised that they will not have the money.
A client with good credit and reliable repayment history is more likely to get help and sympathy from the bank, she says.
Listen to the discussion on Afternoon Drive with Joanne Joseph: