Is ABSA really helping us during the pandemic?

Like many South Africans, we made use of the three month grace period during the Covid pandemic, as my husband would only receive UIF (50% of his salary), for which we were very grateful. However, now the three months have passed and ABSA informed us that we have to start paying our full bond again from 1 August 2020.

I contacted them to ask if perhaps we can make an arrangement to pay 50% of our bond for the next three months, as things are still very uncertain with regards to my husband's salary and if he would even get paid at the end of July 2020. ABSA seems to be fine with this arrangement, but I was shocked to learn the "terms and conditions":

• ... such arrears will be reported to the credit bureau which will influence the clients’ ability to obtain credit... • ... the account will continue to be monitored for another 12 months during which time the status of the account could affect applications for credit within the organization... • ... the account will continue to be monitored for another 24 months during which time the status of the account could affect applications for credit within the organization. • ... the flexi reserve facility will not be available and clients will not be able to use such a facility for up to 24 months after the arrears have been cleared. They will also not be able to apply for further advances during this period.

I find this absolutely ridiculous. The majority of South Africans are in the same boat as us, being in financial distress, but when you choose to go this route your credit record is influenced. How is this helping us ABSA? It takes a very long time to build up a good credit record, but even longer to reinstate a good record. What ABSA should have done during this pandemic was to give their clients a six month grace period instead of three. The pandemic and the financial implications it is causing is far from over, but as long as the bank gets their money, to hell with the rest right? We don't need food, electricity or warm water. We only need to pay our bond then we will be fine.

I am very disappointed in ABSA for the way they are assisting (or not) their clients who bring them in millions of revenue every year. Shame on you.