Streaming issues? Report here
Joanne Joseph 702 Gradients Joanne Joseph 702 Gradients
Afternoon Drive with Joanne Joseph
15:00 - 18:00
volume_up
volume_mute

Up Next: The Money Show with Bruce Whitfield
See full line-up
Afternoon Drive with Joanne Joseph
15:00 - 18:00
Home
arrow_forward
Business

When the coronavirus default tsunami hits, how will banks respond?

18 March 2020 8:03 PM
Tags:
banks
default
SA Banking Industry
Coronavirus
loands

This edition of Consumer Corner looks at how lay-offs, closures and quarantine will impact people's income and ability to repay debt.

Wendy Knowler, consumer Ninja, looks at how banks will respond when the financial tsunami of the Covid-19 pandemic really hits those with debt.

Lots of jitters. I've spoken to quite a few banking people.

Banks are mostly going for health issues and tech issues but they're saying very little about what will happen when people cannot meet their home loan and car loan payments.

Wendy Knowler, consumer journalist

I think the banks can be doing more to answer that question. Clearly they are having to apply their minds behind the scenes. The Italian banking association have said lenders will help companies disrupted by the virus and quarantine. France's president has suspended payments of taxes, rent water, gas, electricity. And now Trump - who is calling himself the wartime president - came out saying basically government is forcing the private sector to suspend all foreclosures and evictions during April as part of the US's coronavirus response. So there is not inconsiderable pressure on our banks to do something meaningful.

Wendy Knowler, consumer journalist

LIsten to the entire sound clip below.

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.


18 March 2020 8:03 PM
Tags:
banks
default
SA Banking Industry
Coronavirus
loands

Recommended

More from ConsumerTalk with Wendy Knowler

woman-medical-care-doctore-insurance-form-pexels-photojpeg

This insurance company says it is paying out business interruption claims

24 June 2020 8:40 PM

Wendy Knowler, Consumer Ninja, investigates non-payment of business interruption claims during the Covid-19 lockdown.

Share this:
Read More arrow_forward

woman-medical-care-doctore-insurance-form-pexels-photojpeg

The Ombudsman for Short-Term Insurance report - what were the complaints?

27 May 2020 7:58 PM

The Ombud for Short Term Insurance’s aim is to resolve short term insurance complaints ''fairly, efficiently and impartially''.

Share this:
Read More arrow_forward

woman-medical-care-doctore-insurance-form-pexels-photojpeg

When credit life insurance goes wrong because of a UIF payment

20 May 2020 7:51 PM

Wendy Knowler, consumer Ninja, on the small print and pitfalls of credit life insurance.

Share this:
Read More arrow_forward

191118bankingjpg

The banking report is out - our Consumer Ninja takes a look

13 May 2020 8:00 PM

The annual banking ombuds report has been released. Were they good, were they bad; how many complaints have been received?

Share this:
Read More arrow_forward

claim-deniedjpg

Consumer Ninja: Many credit life claims are being rejected

6 May 2020 8:00 PM

It seems many credit life claims are being rejected. Here are nine companies that were named and shamed in a new report.

Share this:
Read More arrow_forward

Loan lending

Payment holidays from the banks - can they be trusted?

25 March 2020 7:57 PM

Consumer Ninja, Wendy Knowler, on payment holidays from banks in which you get a break from interest and repayment of debt.

Share this:
Read More arrow_forward

insurance-balancejpeg

Sudden cancellation of life and illness policies - consumer warrior advice

11 March 2020 8:07 PM

Wendy Knowler, consumer Ninja, has a horror story about insurance policies being cancelled - by sms.

Share this:
Read More arrow_forward

scam-fraud--

Telkom directory used to dupe small business owners

4 March 2020 7:54 PM

Hundreds of small businesses which fell prey to a phone directory listings scam, should relax and read here.

Share this:
Read More arrow_forward

online-shopper-laptop-digital-transaction-free-image-pexelsjpg

Wait - why did that debit order go off so early?

26 February 2020 8:26 PM

Wendy Knowler, consumer journalist, on Nedbank's early debit orders.

Share this:
Read More arrow_forward

car-dealership-handshakejpg

Read your documents before you sign the deal on your car or house!

19 February 2020 7:46 PM

Wendy Knowler, consumer journalist, on the importance of carefully reading your documents when you buy assets.

Share this:
Read More arrow_forward

More from Good to Know with Wendy Knowler

woman-medical-care-doctore-insurance-form-pexels-photojpeg

This insurance company says it is paying out business interruption claims

24 June 2020 8:40 PM

Wendy Knowler, Consumer Ninja, investigates non-payment of business interruption claims during the Covid-19 lockdown.

Share this:
Read More arrow_forward

woman-medical-care-doctore-insurance-form-pexels-photojpeg

The Ombudsman for Short-Term Insurance report - what were the complaints?

27 May 2020 7:58 PM

The Ombud for Short Term Insurance’s aim is to resolve short term insurance complaints ''fairly, efficiently and impartially''.

Share this:
Read More arrow_forward

woman-medical-care-doctore-insurance-form-pexels-photojpeg

When credit life insurance goes wrong because of a UIF payment

20 May 2020 7:51 PM

Wendy Knowler, consumer Ninja, on the small print and pitfalls of credit life insurance.

Share this:
Read More arrow_forward

191118bankingjpg

The banking report is out - our Consumer Ninja takes a look

13 May 2020 8:00 PM

The annual banking ombuds report has been released. Were they good, were they bad; how many complaints have been received?

Share this:
Read More arrow_forward

claim-deniedjpg

Consumer Ninja: Many credit life claims are being rejected

6 May 2020 8:00 PM

It seems many credit life claims are being rejected. Here are nine companies that were named and shamed in a new report.

Share this:
Read More arrow_forward

insurance-balancejpeg

Sudden cancellation of life and illness policies - consumer warrior advice

11 March 2020 8:07 PM

Wendy Knowler, consumer Ninja, has a horror story about insurance policies being cancelled - by sms.

Share this:
Read More arrow_forward

scam-fraud--

Telkom directory used to dupe small business owners

4 March 2020 7:54 PM

Hundreds of small businesses which fell prey to a phone directory listings scam, should relax and read here.

Share this:
Read More arrow_forward

online-shopper-laptop-digital-transaction-free-image-pexelsjpg

Wait - why did that debit order go off so early?

26 February 2020 8:26 PM

Wendy Knowler, consumer journalist, on Nedbank's early debit orders.

Share this:
Read More arrow_forward

car-dealership-handshakejpg

Read your documents before you sign the deal on your car or house!

19 February 2020 7:46 PM

Wendy Knowler, consumer journalist, on the importance of carefully reading your documents when you buy assets.

Share this:
Read More arrow_forward

181123BlackFriday171

Only Germans take Black Friday more seriously than South Africans

28 November 2019 3:52 PM

In South Africa, Black Friday has become a spend-fest of epic proportions, says consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward