With salaries being cut and the possibility of retrenchments on the increase, you might find yourself in the situation of not being able to afford your bond/ mortgage repayments.
Whilst the natural thing to do is to hide away and hope that no one sees us, or that we are forgotten, banks or creditors are not going to let this happen.
The first thing you need to do is speak to the home loan bank and explain your situation. Ensure that you have documentation proving your unemployment or pay cut. Try and come to some sort of agreement with your financier. This is always easier if you have a clean payment record up to this time. If an agreement is reached, it is vital that you honour the new agreement.
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