Compare the cost and new due date of an extension with the original schedule. An extra month is useful only if a realistic repayment plan follows.
What to check
- Written extension terms
- additional charges and future cash available
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
A decision to avoid
Paying for time without changing the reason you cannot repay.
A calculation you can check
Illustration only: cash received R2 000; three payments of R750; a separate required charge of R50. Total paid = 3 × R750 + R50 = R2 300. Difference from cash received = R2 300 − R2 000 = R300. This difference is not an annual interest rate. Include the charge only if it is outside the three payments; do not count it twice.
Questions about this decision
What should I check first?
Compare the cost and new due date of an extension with the original schedule. An extra month is useful only if a realistic repayment plan follows.
Which information do I need for this decision?
Written extension terms, additional charges and future cash available.
Which mistake should I avoid here?
Paying for time without changing the reason you cannot repay.
How do I check written extension terms?
Locate the actual dated record for Written extension terms. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
How do I check additional charges and future cash available?
Locate the actual dated record for additional charges and future cash available. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
What should I do if a required detail is missing?
Mark it as unresolved. Ask for that precise detail before choosing; do not substitute an advertised example for your own document.
What is the next practical step?
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
How can I verify the explanation?
Use the documents listed above. Check quoted amounts and dates in the original record; use the official reference links for the organisation’s guidance.
