COVID-19: Dealing with Debt and Money matters

COVID-19: Dealing with Debt and Money matters
When the lockdown causes financial difficulty

What to do if you cannot pay your accounts or your rent

Covid 19 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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