Civil Servants, the money they are releasing for debt swap is your money they deducted from your payslips. It was supposed to be sent to the bank or microfinance where you got the loan but they never sent.

They are the reason why you are appearing on CRB reports as defaulters.
Here is an example.

You get a loan of 12, 000 from bank A, you are supposed to pay back 1200 (principle + interest) on a monthly basis through govt deduction. Now lets come january, you payslip shows a deduction of 1200, february payslip also shows a deduction of 1200 and march the same deduction appears. Each of these months, your net is less by 1200. In april you receive a call from the bank to inform you that you have not paid your monthly instalments for 3 months and therefore they are going ahead to report you to report you to CRB as a defaulter. And also write you demand letters to demand for the payments as per procedure. You are confused, you run to the bank with your 3 months payslips to show the bank that you have been paying. Since the bank has not received the payment, they ask you to sort it out with your employer (GRZ).

Who in this case have been getting money from you but not sending it to the bank to clear your loan. For whatever reasons, they kept the money never remitted to the bank. You rush to your employer, they tell you it will be normalized, you relax but to your surprise, the trend continues even for the rest of the months. The bank now has run out of cash to lend, pay its staff and operations, it closes some of its worst hit branches because they are nolonger sustainable. People lose jobs, some civil servants can not borrow as their CRB credit records indicate that they are defauters. So the bank, the bank employees and the affected civil servants are all inconvenienced by the irresponsible actions of the govt.
Now that they know they have messed up, and that alot of people are upset and want to vote them out, they desperately come up with a trick called “debt swap”

What is this debt swap?

There plan is to now release the money to bank to cover for those months they did not remit. Now here is the trick. For those who finished paying the loans through the payslip, they will do a reconciliation of how many months you paid and determine if you paid off the loan or not. For those who who will be found to still be owing, the govt will pay off the loan with bank so that the bank will let you loose. But now this will mean you owe the govt. Now instead of you paying the original amount you agreed with the bank, the govt will now reduce the amount and extend the repayment period. Thats why they have frozen the deductions for 3 months to allow them know who has paid off and who is still owing. After the 3 months, you will still pay for the loan but on a smaller monthly deduction amount with a longer (extended) repayment period.
So why the debt swap?

To save the banks and microfinances from closing down branches and firing employees. In my opinion this is too late as some microfinance firms and banks have already gone out of business and some have closed down branches and reduced the number of staff.

The other reason is to do damage control as the affected firms and civil servants wouldnt want to do anything with the govt and wouldnt want to vote for them.

But you know what, it is too late. The damage is already done. Companies have closed and people are unemployed. Civil servants have been inconvenienced and missed out n business opportunities as result of not having to borrow because of a bad credit record solely caused by govt.

Now why would you trust such a bunch of corrupt and crooked people? With a last minute trick to get you vote for them?

I see this plot ending in tears for some civil servants and the govt.
Dear civil servants, You now have a chance to redeem yourselves by voting them out and voting in the right people who will run this govt with the right intentions to help the people and the country.
On 12 August, give the UPND Alliance a hat trick. Go out there and score 3 goals.

1st goal is for the 👋🏽UPND president
2nd goal is for the👋🏽 UPND MP
3rd goal is for the👋🏽 UPNF Mayor/Council Chairperson

Dont forget to vote👋🏽 UPND for all ward councillors

It is time for the game and the players to change. We must get this country proper, that is the Zambia we want.


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