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As some South Africans struggle to keep up with their monthly payments due to job loss or other reasons because of the covid-19 21 day lockdown, aside from a regular payment holiday, the National Credit Regulator (NCR) has advised consumers to use their credit life insurance for relief if it forms part of your credit agreement.

Supervisor for credit provider compliance at the NCR Theodore Smith explains how the cover works.

The National Credit Act makes provision and also regulates certain aspects of credit life insurance and it is basically advisable that consumers make sure that this product forms part of their agreement and, if so, such credit life insurance would generally cover unemployment, retrenchments and aspects such as temporary disability and the inability to make an income.

Theodore Smith, Supervisor for credit provider compliance - NCR

That cover should cover consumers for debt for a period of either 12 months, during the remaining period of the credit agreement or until the consumer finds employment.

Theodore Smith, Supervisor for credit provider compliance - NCR

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This article first appeared on 702 : Consumers advised to use their credit life insurance for relief

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