As some people have now been made redundant from their workplaces due to the slowdown in the economy and effects of COVID-19, Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum says under the Consumer Credit Act there is a hardship provision which can allow for repayments for personal mortgages and hire purchases to be deferred.
He says this is, of course, something, they intend to have invoked.
Sayed-Khaiyum says many of the financial institutions have come forward themselves to say that they will have that invoked.
He says for example in some instances this could mean a complete stop of repayments or could be only interest payments.
Sayed-Khaiyum says there are many other loans that fall outside the Consumer Credit Act, for example small businesses and other larger businesses.
He says again the banks have shown an appetite to stop repayments in this regard.
Sayed-Khaiyum says the banks have also shown an appetite to be able to give repayment holidays where they defer the principal amount payments and also looking at interest rates.
