The Debt Panel: ‘My loan repayments are now 80% of my salary’

The Debt Panel: ‘My loan repayments are now 80% of my salary’

I have signed a new contract with my current company for a much-reduced salary because of the Covid-19 pandemic. The new contract commenced on December 1, 2020.

Despite informing my bank of my situation and producing all the documents it requested to prove my new circumstances, it is refusing to reschedule my loan payments.

The original loan tenure is for 42 months and I will finish paying it off in February 2023. I have never missed a payment.



When my new contract started, my end-of-service benefit was transferred to my account in January this year. The bank took it immediately and credited it