If it sounds too good to be true, it probably is, so think twice. There is a lot of fake news about debt review and debt counsellors in the market.”
City Press has received complaints from readers who say they have made enquiries, sent the relevant information and then discovered they are listed with creditors and credit bureaus as being under debt review.While affected consumers are lodging complaints with the National Credit Regulator, this appears to be taking a long time to resolve . In the meantime, these consumers are unable to access credit and are expected to pay fees to the debt counsellor.
“These issues range from miscommunication and misrepresentation to lack of understanding of options, and lack of awareness of the debt counselling process and consequences, which, together with unscrupulous conduct from some debt counsellors, appear to be creating some serious challenges for clients,” says Capitec.Reader Stuart wrote to us about his debt review experience: “It’s been two years of financial freedom that could have been depression and high blood pressure.
Once a client enters debt review, the bank would not be able to bring legal action and the debt counsellor could negotiate a lower interest rate for the client.It does not help to educate the consumer around fake news; rather, it creates the context for a reader to distrust debt review and debt counsellors who are regulated in terms of the National Credit Act and have a crucial role to play in helping to rehabilitate consumers who are in this situation.
If a consumer wished to purchase a big-ticket item such as a house or car after exiting debt review, the banks would look for six to 12 months of responsible payment behaviour after debt review. The average period would be six years before a consumer could purchase a home, for example.
Stay far away from 'debt review' - it's a scam.
These companies are a scam, rather negotiate with your creditors and pay them directly.
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Have an attorney review your debt and contracts. If you can prove reckless lending by the creditor, you can save quite a bit.
And it is an extremely expensive way to go
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