Debt Review Without My Knowledge - Credit Wise Solutions NCRDC3058

I am a financially responsible person. I have no debt, I pay my credit card off every month, I have savings, and I recently purchased a new vehicle through Wesbank with a substantial deposit. My credit record is spotless Then Credit Wise Solutions called me out of nowhere.

They were smooth, professional, and convincing. They told me that Wesbank was charging me too high an interest rate on my vehicle and that they could help me lower it and reduce my monthly instalment. It sounded like a good deal. Who wouldn't want to pay less every month?

What they did NOT tell me was that to do this, they would place me under debt review. They did not explain what debt review means. They did not tell me my credit card would be frozen. They did not tell me that a debit order would be set up through them instead of Wesbank. They did not tell me that my credit profile would be flagged. None of this was explained to me before I signed anything.

By the time I realised what had happened, my credit card was already blocked by my bank. A debit mandate had been sent to my phone which they pressured me to accept over the phone. I was confused, but they were insistent and fast-moving, giving me no time to think or ask questions.

I am not over-indebted. My vehicle instalment is my only financial obligation. My credit card balance is zero. I have savings. I am exactly the kind of person who should NEVER be placed under debt review. Yet here I am.

This is how they operate. They target people who have just made new dept because somehow that information becomes available to them. Not sure why we have a POPIA ACT? They use the promise of lower interest rates as bait. They do not explain the consequences. They rush you through the process before you can ask the right questions. And once you are signed up, they earn fees from every monthly payment that goes through them.

I will be reporting CreditWise Solutions to the NCR and the Credit Ombud as I have been falsely placed under debt review. I am unable to make online purchases due to my credit card being frozen. When their cancellation department contacted me, I was met with attitude and rudeness and they want me to now pay a cancellation fee. They showed no understanding of the frustration and disruption they have caused me.

I will also be reporting this to the Information Regulator for a POPIA violation. Since purchasing my vehicle, I have been bombarded with calls from insurance companies and credit providers. My personal details were clearly shared without my consent, despite signing a non-disclosure agreement at the dealership. South Africa has a POPIA Act for exactly this reason, yet our personal information continues to be passed around freely.

If someone calls you promising to lower your vehicle interest rate, ask them immediately whether this involves debt review. If it does and you are not struggling financially, put the phone down. Do not make the mistake I made.