Business has slowed down and many livelihoods have been lost. This makes it difficult to service any existing loan obligations. In these circumstances many lenders are willing to restructure some debt instruments.
Some financial regulators and Central banks have actually instructed their banks to negotiate repayment holidays with their clients.
I would therefore urge anyone with pressing loans to talk to their lender to ease or defer the repayments. This can be done for a certain period until one’s income is restored. As long as you display commitment to honor your obligations, many lenders will understand the current situation and will grant you some breathing space.
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