Dealing with retrenchment

STRESSFUL: YOUR HOME LOAN IS LIKELY TO BECOME YOUR BIGGEST WORRY IF YOU LOSE YOUR JOB

The banks offer different options to help financially-distressed consumers.

Lee says Absa allows you to extend your home loan up to 30 years.

Selling the property – this is the worstcase scenario and usually the last resort.

Van der Hoven says Standard Bank’s EasySell process helps ensure that the best possible price is obtained for the property and the bond is settled to get the customer’s credit record back on track.

Picture: Shutterstock BE OPEN. Contacting your bank as soon as possible and being upfront about your circumstances will pay off financially and help to reduce your stress levels.