Title: Exel Finance Took R33,255 But Failed to Pay My Creditors, Resulting in My Vehicle Being Repossessed

Title: Exel Finance Took R33,255 But Failed to Pay My Creditors, Resulting in My Vehicle Being Repossessed

I am extremely disappointed and devastated by the service I have received from Exel Finance.

Approximately three months ago, Exel Finance convinced me to enter into a debt review/debt consolidation arrangement. I was assured that they would consolidate all my accounts and ensure that payments were made to my creditors on my behalf. Based on these promises, I paid a total amount of R33,255 in instalments of R 11085 per month into the debt review process.

To my shock, I have since discovered that not a single payment was made to my creditors. Despite my regular payments into the debt review plan, my accounts continued to fall into arrears.

The consequences have been devastating. On 2 September 2026, my vehicle was repossessed by the bank due to non-payment. This has caused enormous financial hardship, emotional stress, and inconvenience to me and my family.

I trusted Exel Finance to act in my best interests and protect me from creditor action, but instead I have suffered severe prejudice. I am now questioning where my money has gone and why no payments were made to my creditors despite the funds I paid over.

I am demanding:

A full accounting of all funds paid by me. A complete payment distribution statement. An explanation as to why no payments were made to my creditors. Reimbur*****t of any funds that were not properly distributed. Urgent intervention to assist in resolving the damages caused by this matter.

I have lodged formal complaints and will be pursuing this matter through the appropriate regulatory and legal channels.

I strongly urge anyone considering debt review services to conduct thorough due diligence before entrusting a company with their finances.

Customer: Sundile Myeza