How to Keep Your Credit Record in Good Standing During the COVID-19 Pandemic?

The COVID-19 Lockdown has brought worry and concern not only for our health, but also for our economy and especially consumers who rely on  commission earnings, overtime and income derived from small business enterprises, has been severely impacted.

It is important to remember that once Covid-19 had passed and only a terrible memory for us all, we will need to carry on with life again and applying for credit for either buying vehicles, property etc will be affected by your credit rating at the time. It is therefore important to take ownership of your own credit commitments and ensure, that if your income has been impacted, by either retrenchment and no income or reduced income due to the Covid-19 Lockdown, that you make the necessary arrangements with the various creditors.

By simply assuming that “the banks will have to understand, since I don’t have money due to the Lockdown” you will soon find yourself in a difficult position and your credit record will be compromised, irrespective of the reason for defaulting on payments.

It remains your responsibility as the consumer to step up and contact your creditor, to make the necessary arrangements, as it will not automatically fall in place.

By arranging with the bank, for either a reduced payment, or payment holiday and complying to that arrangement, your credit record will NOT be
impacted negatively.

Account Manager at Experian, Julian Mienie suggests the following:

“All I can suggest is that if a person’s business falls within the SME market, then they can apply for a payment holiday from any of the major banks in SA. This will not affect their credit report negatively and will just be an extension in the term of the loan. Besides that, if an individual is still earning a salary during lockdown, they need to make sure all these debts are paid on time to avoid negatively affecting their credit record”

It is therefore important to continue paying your accounts, no matter how tempting it may seem to hold payments back, unless your income has been negatively impacted, in which case you will need to make the necessary arrangements.

Here are some contact details to assist you:

  • A payment holiday for a period of maximum 3 months can be arranged. Consolidation of debt – provided there is affordability for the customer to repay the higher bond amount and sufficient equity in the property to repay all FNB debts. To find out more about the Quick Fix option please call 087 730 11 00 or 087 730 1122 email or via the designated icon on the FNB Banking App.
  • FNB reminds customers that if credit life insurance was taken out, this should be investigated, prior to applying for payment holidays.

  • MFC can also arrange a 3-month payment holiday if you can prove that your income has been affected due to the Lockdown. You can call them on 0860 879 900 or email on They will need confirmation that your vehicle is insured, together with a letter from your employer confirming the impact on your salary.
  • Nedbank Home Loans can be emailed on to request a payment holiday or to restructure your HOME LOAN or phone 0860 556 573
  • Debt Relief Contact: Created a dedicated contact centre number, 0860 110 702, which will be applicable for all types of debt, available from 8:00 to 16:30, Monday to Friday.

  • Standard Bank can arrange 3 months payment holidays on Home Loans by calling 0860 123 000 or 010 249 0423 or email
  • Clients who are classified as a small business enterprises need to call 0860 109 075 or email

  • Customers can email to make payment arrangements for short term credit commitments.
  • For Home Loan payment arrangements, clients need to email

  • Payment holidays can be arranged with BMW Finance by phoning 0800 600 555 or email

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