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OTC offers relief on interest accumulated

OTC offers relief on interest accumulated

Maria David
THE Ongwediva Town Council will offer 100 percent interest relief incentives to its residents and businesses alike for interest accumulated on outstanding account payments over a period of time.
Mayor of Ongwediva Angelna Angula said the waving of interest programme will be implemented as from the 1st of July 2019 to 28 February 2020.

Pictured: The maypr of Ongwediva. Photo: Maria David

“The council recognized that not all residents or business owners are able to meet their monthly payment obligations for municipal services rendered either fully or partially due to prevailing economic hardship,” said Angula.
Angula explained that outstanding balances attract interest rates at 1.25 percent per month and 15 percent per annum, which puts additional payment pressure on their clients.
According to her the programme should not be seen as writing off of bad debts, but rather an incentive of waiving interest charges.
“The Incentive Programme will be applicable to all types of municipal services on all accounts irrespective of the outstanding balances or period involved, but won’t apply to outstanding accounts or balances that may surface after the 1st of July,” cited Angula.
Angula noted that all individuals and corporates with outstanding debts on their accounts may participate in the incentive programme provided that they apply on approved application forms available at council.
She said that once the agreement is not met people will face fallout from the programme.
Furthermore, clients who fails to apply for the incentive programme to have interest charges waived during the period allocated will forfeit the benefit when the incentive programme lapses.

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