The moratorium has helped Malaysians tide through tough times these last few months, but the reality is that it is ending on 30 September 2020.

For many of us, this just means tightening our purses again and ensuring that we have enough to settle all our loans.

But if you really feel like there's no way you can go back to paying for your loans right now, there are several options for you.

In fact, the government has actually asked banks to extend the moratorium to 31 December 2020 on a case-by-case basis.

So who qualifies? Our friends at Multiply actually spoke to banks and here are several scenarios that could help you get a moratorium extension or an alternative way to service your loans.

1# You lost your source of income

If you’ve lost your source of income because you lost your job or had to shut down your business, you could be eligible for an extension.

You will, however, need to prove that you still do not have any income by 30 September 2020.

If you are allowed the extension, you will only need to start servicing your loans again in January 2021.

2# Your income has decreased

If your income has decreased (either because of a pay cut or your business isn’t doing as well), the banks will help you restructure your loans.

When you restructure your loans, your monthly repayments will be reduced by the same rate as your pay cut.

For example, if your income was reduced by 30%, your loan repayments will be reduced by 30%.

BUT there's a catch.

Reducing your monthly repayments will mean that you need to repay your loan over a longer period of time.

This means that you may also end up paying more in interest.

(You can read more about how the loan moratorium affects your loan repayments here.)

In both cases, you will need to prove that your income has been affected.

You may have to provide the banks with your payslips and bank statements for the months before and after the MCO.

3# Your spouse lost their source of income

If your spouse has lost their source of income and you are finding it difficult to manage your household expenses, you can write a letter to the bank to appeal for an extension.

However, this works on a case-by-case basis.

You will have to prove a significant loss of income for your household.

You may also be required to send in your payslips and your bank statements too.

What do you do if you just can’t pay off your loans?

Even if none of the above situations relate to you, all is not lost.

If you know you can't pay off your loans, there are several things that you can do:

1. Speak to your banks to reschedule or restructure your loans.

2. Speak to Agensi Kaunselling dan Pengurusan Kredit (AKPK) to get counselling or get into one of their debt management programmes.

Of course, if you CAN afford to settle your loans, do it!

Don't ignore them, don't take it for granted because it will only snowball into a big fat financial headache.

For more information and advise on the moratorium and other financial matters, head on over to Multiply.org.my.