You’ve worked hard to make your house a home and you’re proud of the work you’ve put into it. It has your definitive style. But what happens when finances are low and you’re not able to pay your home loan instalment?
We know this is not something we can ignore and pretend isn’t happening. Eventually the debt will carry over, pile up and before you know it you’re drowning in debt with nowhere to turn to, right?
Wrong. Standard Bank encourages all home loan customers to chat to us about any financial hardships. We’re in the business of keeping you in your homes and we’ll find the best solution for you.
The best way to manage these situations is to seek help and advice from your bank about your home loan obligations as soon as you realise you will have problems making your monthly repayments.
It is standard practice to call our customers when we see they have missed part of, or an entire, instalment. We suggest taking a crutch after explaining your situation to the consultant.
It is important that you don’t suffer in silence. We’re here to assist and we know that financial difficulties are not uncommon, especially in the current economic climate. If you choose to ignore the problem, you risk falling into arrears and having your house repossessed. You could also find yourself blacklisted.
We will assist you by:
• Arranging a moratorium on payments,. in other words we will suspend your loan for a set period, helping you recover from a temporary financial setback.
• Arranging a partial payment on the amount owing. This will ease the interest owing so the overall debt does not grow rapidly due to compound interest.
• Rescheduling a home loan. This assists you by giving you a longer period to pay off your mortgage and reducing the monthly financial commitment.
In the event that you simply can’t pay off your loan, we will help you sell your home with Standard Bank’s EasySell plan. We will ensure that you get the best price possible for your home.
We’re here to help and we’re with you every step of the way. We helped you get into your dream home, so let us help you stay in it.
