What financial steps should borrowers take as the automatic moratorium ends?

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Borrowers Advised to Proactively Assess Finances and Seek Bank Assistance as Moratorium Ends

As the automatic moratorium on loan repayments concludes, borrowers are urged to take immediate and proactive steps to evaluate their current financial standing and anticipate future repayment capabilities. Those anticipating difficulties in resuming their loan obligations should engage with their respective banks to explore available repayment solutions before or immediately after the moratorium period concludes.
Assess Financial Position and Future Commitments

Borrowers are encouraged to conduct a thorough assessment of their financial situation, considering both immediate needs and long-term obligations. This includes understanding income streams, essential expenses, and the total amount of financing repayments due after the moratorium period concludes. By understanding their complete financial picture, individuals can better plan for upcoming payments and identify potential shortfalls.
Explore Bank-Offered Repayment Assistance

Banks are providing a range of targeted repayment assistance options designed to help customers manage their finances more effectively. These options typically include measures such as reducing monthly repayment amounts, extending the overall repayment tenure, or modifying financing terms to better align with individual circumstances. Engaging with banks early allows borrowers to access these tailored solutions, which can significantly ease the transition back to regular repayments.
Seek AKPK's Guidance for Comprehensive Solutions

In situations where a bank's proposed repayment plan does not adequately address a borrower's overall financial commitments, or if an individual has multiple loans from different institutions, the Credit Counselling and Debt Management Agency (AKPK) offers further assistance. AKPK can work with borrowers to develop repayment plans that consider their holistic financial commitments, providing an additional layer of support beyond individual bank negotiations. The agency also offers financial counselling and educational resources focused on prudent financial management to help individuals improve their financial well-being.

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What financial steps should borrowers take as the automatic moratorium ends?

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