Payment holidays from the banks - can they be trusted?
Some banks have temporarily halted loan payments for students and small businesses for two months to ease the effects of the coronavirus outbreak.
Over the same period, zero interest or fees will be charged for student loans.
But, asks The Money Show's Whitfield, should the phrase "payment holiday" not send alarm bells ringing?.
Remember those car ads that said 'Buy now and pay in three months' time'.
But that interest is going to catch you...
Standard Bank says zero fees - what about the interest though? Funnily enough, I'm not getting too much response on that question.Wendy Knowler, consumer journalist
Nedbank has been the most forthcoming.Wendy Knowler, consumer journalist
They said if they re-structure a loan the re-arrangement of the current monthly payment schedule, which includes a review of the interest rates charged, may result in an increase of theoriginal loan term- in other words you'll pay less interest but you'll pay for longer.
Listen to the entire interview below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning.
The Ombud for Short Term Insurance’s aim is to resolve short term insurance complaints ''fairly, efficiently and impartially''.Read More
Wendy Knowler, consumer Ninja, on the small print and pitfalls of credit life insurance.Read More
The annual banking ombuds report has been released. Were they good, were they bad; how many complaints have been received?Read More
It seems many credit life claims are being rejected. Here are nine companies that were named and shamed in a new report.Read More
This edition of Consumer Corner looks at how lay-offs, closures and quarantine will impact people's income and ability to repay debt.Read More
Wendy Knowler, consumer Ninja, has a horror story about insurance policies being cancelled - by sms.Read More
Hundreds of small businesses which fell prey to a phone directory listings scam, should relax and read here.Read More
Wendy Knowler, consumer journalist, on Nedbank's early debit orders.Read More
Wendy Knowler, consumer journalist, on the importance of carefully reading your documents when you buy assets.Read More
Wendy Knowler, consumer journalist, this week talks about the frustrations online shoppers in South Africa have to deal with.Read More
Wendy Knowler, consumer journalist, on how to safeguard your phone - most importantly - the banking details on your phone apps.Read More
Wendy Knowler looks into the practice of many banks and corporates of “unilaterally” activating an early debit for December payment.Read More
In South Africa, Black Friday has become a spend-fest of epic proportions, says consumer journalist Wendy Knowler.Read More
Consumer journalist Wendy Knowler investigates after a poor family’s desperation to get a claim paid made headlines.Read More
Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.Read More
Made a mistake when paying by EFT? You're going to battle to get your money back, warns consumer journalist Wendy Knowler.Read More
Consumer journalist Wendy Knowler explains how to get reimbursed if you can’t travel after a failed visa application.Read More
Handsfree pickpocketing is a myth, says consumer journalist Wendy Knowler. But risks remain, suggests a case she took on.Read More
Wendy Knowler says dealerships don’t do much to explain how you may unknowingly void your warranty and service/maintenance plans.Read More