COVID-19: Dealing with Debt and Money matters

What if I cannot pay my accounts?

• Speak to your bank; many are offering relief measures where you can delay payments until you are earning money again after the lockdown.
• This is also the time to review your credit insurance and income protector benefits.
• See if you are eligible to apply for UIF and/or tax relief that is being offered to certain employees who do not currently have work.

What if I cannot pay my rent?

• This is a very complicated situation. In part, it might depend on what kind of property it is, what it is used for and what kind of lease you have.
• However, what you cannot do is simply stop paying your rent. This will cause more trouble in the future.
• The best idea would be to speak directly to the property owner/landlord and see If you can reach some kind of agreement during this time. 
• Some practical solutions to guide this discussion:
  • Ask the landlord for a pause or reduction in rental for a certain period. Propose that the parties sign and acknowledgment of debt for security – this will give your landlord some peace of mind.
  • Propose the landlord use the deposit and agree to building up another deposit over a certain period.

With Legal&Tax you're not alone

Contact Legal&Tax Services. As your companion in this difficult time, we can put you in contact with an expert debt advisor who can help you plan how to manage your finances.

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