{"id":111061,"date":"2020-05-26T07:55:50","date_gmt":"2020-05-26T11:55:50","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=111061"},"modified":"2020-05-26T08:48:37","modified_gmt":"2020-05-26T12:48:37","slug":"continue-to-pay-your-loans-says-bankers-association-president","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/continue-to-pay-your-loans-says-bankers-association-president\/","title":{"rendered":"Continue To Pay Your Loans If You Can Says Bankers’ Association President"},"content":{"rendered":"
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President of the Eastern Caribbean Currency Union\u00a0 Bankers’ Association Michael Spencer has told customers who can to continue to pay their loans to do so.<\/p>

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“If you can, continue to pay continue to pay because it reduces the amount to have to pay at the end of the period,” he told a Central Bank programme.<\/p>\n

Banks have offered six (6) months moratorium on principle payment but customers are expected to pay the interest.<\/p>

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Spencer says customers should indicate to their bank whether they want to opt out of the moratorium arrangement or whether they will participate.<\/p>

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“We are working with you. Persons should not feel isolated, they should not feel that they ought not to pay the loan. Don’t just not pay the loan, approach your bank , speak to your loans officer, and that person would be more than happy to explain to you the best approach to take,” Spencer who is also the General Manager of ECAB said.<\/p>\n

He reminded customer that the obligation is still there at the end of the moratorium period, the interest will continue to accrue during the moratorium period.<\/p>

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However, Spencer said the banks will work with the customer even after the six months moratorium.<\/p>\n

“What we will do at the end of that period is work with the customer to ensure that the payment at the end of the moratorium period would be no more than the period pre-covid. Each case will differ, your baker will work with you depending on your own circumstance depending on your financial position at the time. they will work with you to ensure that your payment continues to be manageable, comfortable through the extension of the loan for an additional six months, it may be restructured for a longer period of time.”<\/p>

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President of the Eastern Caribbean Currency Union\u00a0 Bankers’ Association Michael Spencer has told customers who can to continue to pay their loans to do so. “If you can, continue to pay continue to pay because it reduces the amount to have to pay at the end of the period,” he told a Central Bank programme. […]<\/p>\n","protected":false},"author":3,"featured_media":111063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-111061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nContinue To Pay Your Loans If You Can Says Bankers' Association President - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/continue-to-pay-your-loans-says-bankers-association-president\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Continue To Pay Your Loans If You Can Says Bankers' Association President\" \/>\n<meta property=\"og:description\" content=\"President of the Eastern Caribbean Currency Union\u00a0 Bankers’ Association Michael Spencer has told customers who can to continue to pay their loans to do so. “If you can, continue to pay continue to pay because it reduces the amount to have to pay at the end of the period,” he told a Central Bank programme. 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