Bank Better, Live Better
we can help with debt relief
17/07/2020Struggling with debt repayments? If your income is affected by COVID-19, we have debt relief options available to help improve your cash flow and you could still qualify for our 100% interest refund.

We’re doing everything we can to help you during the COVID-19 crisis. If you're struggling or unable to meet your debt obligations, it’s important to take action immediately – before the situation gets worse. Speak to us first before considering further steps like debt review or debt consolidation. Together, we'll look at personalised options to improve your situation and get you back on track.
Interest refund
If you opt in for credit payment relief in the form of a payment break or variable rescheduling on your loan, you could benefit from a 100% interest refund on the interest charged during the first 3 months of your payment relief. The interest refund will be available to all qualifying clients who took a payment break or variable rescheduling relief plan between 26 March – 19 July 2020. To qualify for the interest refund, remember to make your credit repayments on time:
- Once you make 6 successful loan repayments, you will receive an interest refund equal to 50% of the interest charged during the first 3 months. This refund will be paid directly into your loan account as a capital reduction
- After a further 6 successful repayments, you will receive another 50% of the interest charged during the first 3 months
Debt rescheduling
If you choose to reschedule your loan, you can extend your loan term and amend your existing credit agreement to lower your monthly instalment to a more manageable amount. The interest rate on your loan will remain the same.
- There are no fees for rescheduling, but your total cost of credit will increase. This is because your loan term will be extended to lower your monthly repayment amount, which means you’ll pay interest over a longer period
- You can avoid paying more interest by increasing your instalment again once you are in a better financial position
- If you reschedule during the qualifying period between 26 March – 19 July 2020, and then reschedule your repayments again after 19 July 2020, you can still qualify for the original 3-month interest refund
- You will need to make 6 consecutive monthly payments to qualify for the first 50% interest refund, and another 6 successful monthly payments to qualify for the second 50% interest refund. The interest refund is valid for repayments made up until 31 July 2021
- You can be proactive and reschedule your loan from the moment you become worried that you may not be able to make your loan repayment
- You can also reschedule your loan if you’ve fallen behind with your loan repayment
- There are various types of rescheduling options available, so you’ll be asked questions to help us determine what type will best suit your needs
- SMS your 13-digit ID number to 30679 and follow the prompts
- Email CentralisedCollections@capitecbank.co.za with your loan account number in the subject line
- Call us on 0860 66 77 18 for one of our agents to assist you
- Visit your nearest branch
Note: Please allow up to 48 hours for a response to your SMS or email.
Debt consolidation
Through debt consolidation, you could combine all, or some of your debt into a single loan. Choosing a debt consolidation loan will extend your loan term, but it will bring your monthly instalments down and make them more affordable. This is a good option if you are struggling to make minimum payments and would just like some breathing room (i.e. lower monthly instalments), but to qualify, your credit score will still need to be good.
To lower your repayments, the amount you borrow will be paid back over a longer period. Read more here.
- There are no initiation fees for consolidating Capitec loans, however you will still pay the normal monthly instalment, and your interest rate will depend on the credit assessment done at the time
- Note that while your repayments could be lower, your total cost of credit may be more because you’ll pay interest over a longer period
- You can avoid paying more interest by increasing your instalment again once you are in a better financial position
- If you reschedule during the qualifying period between 26 March – 19 July 2020, and then consolidate your debt with a Capitec loan afterwards, you can still qualify for the original 3-month interest refund
- You will need to make 6 consecutive monthly payments to qualify for the first 50% interest refund, and another 6 successful monthly payments to qualify for the second 50% interest refund. The interest refund is valid for repayments made up until 31 July 2021
You need a good credit score and will have to pass a full affordability assessment before you can qualify for a consolidation loan.
To apply for debt consolidation, choose one of the following options:
- Apply online
- Apply on our app
- Visit your nearest branch
- Call us on 0860 66 77 89
Debt review
If debt rescheduling or consolidation does not provide the relief you need, you can also consider debt review. If you’re over-indebted, a debt counsellor can help by restructuring your debt repayments based on what you can afford. The debt counsellor will assess your living expenses and calculates an affordable payment plan.
Important: The aim of debt review is to help you manage and repay your debt. Debt review doesn’t mean that your debt gets written off.
If you earn an income, but find yourself over-indebted, you may qualify for debt review.
When you don’t have enough money left after providing for necessary living expenses to make your debt repayments, even though you’ve lowered your living expenses as much as possible and made arrangements with your credit providers, such as rescheduling your existing loans.
- Debt counsellor fees are regulated by the National Credit Regulator (NCR). Make sure that all the costs and fees are explained to you before going under debt review
- The fees are set by the NCR – currently a R50 application fee, a once-off administration fee of R300, and a once-off restructuring fee of up to R8 000 for an individual applicant and R9 000 for a joint application
- There are also legal fees to be paid at the beginning of the process, and a monthly “after-care” fee of 5% of that monthly instalment, capped at R450
- A debt counsellor will assess your financial situation
- If you’re found to be over-indebted, they’ll calculate a single monthly repayment that you can afford to pay towards your debt each month so that you’ll still have enough money to pay your necessary living expenses
- The debt counsellor will then submit a repayment proposal to your credit providers. If they accept, your debt will be restructured by means of a consent- or court order
- For the duration of the debt review period your credit bureau report will show that you’re undergoing debt counselling
No. You also won’t be able to access your existing credit facilities.
No, unfortunately you will not qualify for our interest refund if you are under debt review. Read more here
If you've already contacted us and together we've determined that debt rescheduling or debt consolidation are not suitable relief options, you can visit the National Credit Regulator for a list of debt counsellors:
- ncr.org.za
- Phone 0860 62 76 27
IMPORTANT: Beware of misleading debt relief advertising. The NCR recently warned consumers about debt counselling SMS and email adverts promising a payment holiday or a savings plan. According to the NCR, this type of advertisement is misleading and prohibited, debt counselling does not give clients a break from paying their debts – the client remains responsible to continue paying their debts. Read more about this on the NCR website:
NCR Debt counselling Press Release: August 2019
It’s important to look at your monthly expenses realistically and only take credit you can afford. Paying off your debt as quickly as possible reduces your total cost of credit and helps you maintain a good credit record. Read more about managing your credit and what to do if you're struggling with debt here.
Was this article helpful?
you may also like...
business owners can now apply for credit
If you own or are a member/shareholder/director of an NPO, a trust, CC or a public/private company and earn a monthly salary, you may qualify for a loan.

what credit's right for you?
Knowing the difference between the types of credit available will help you make the best credit decision for your needs.