DH
Duane H

1 reviews | Active since May 2017

06 Aug 2018, 09:17

Debt Busterds

About 2 and a half years ago, I went through a difficult time financially. My partner at the time lost her job, and I became overburdened with financial responsibilities and found myself in a very difficult position of not being able to pay my monthly installments on my debts. Not wanting to lose my vehicle, I contacted Debt Busters and asked their help. They began the debt review process, sent me the forms I had to fill in, and assured me they would contact my debtors and my assets would be secure, and my debt would be consolidated to one amount that I could easily afford. At the time, the accounts that were consolidated was a Capitec loan, my Nedbank credit card, Mr Price retail account, House and Home retail account, and a Joshua Doore account. The consolidation helped me tremendously and I was able to take care of all my responsibilities at the time. Since then, my financial position has changed somewhat for the better, I was able to save money and in January of this year I paid off all my retail accounts, credit card and bank loan, to the amount of 25000 rand, with only my vehicle finance remaining. My consolidated installment went from R6000 down to R4700. I was somewhat shocked, when I realised that, with my cars installment being R4000 (debt busters never renegotiated my cars installment, payment period and interest rate remained the same) Debt busters is charging me a whole R700 just to deduct my cars installment and pay my cars installment to Wesbank (Which is something I am actually able to do myself which would cost me less). Why are these "admin fees" so much? I enquired with a debt consultant at Debt Busters that I would like to come off debt review since my financial position has changed and i can now afford to pay my cars installment without the help of Debt Busters, but I was promptly told that I couldn't cancel with debt busters, until the day my car is paid in full (in the year 2021), which means, even though I am fully able to pay my cars by myself, I must pay debt busters another R700 a month for the next 3 years, for absolutely no reason??? How is this fair? I am also now stuck driving the same car for the next 3 years, which has, since I bought it, put on many km's and is at the point where I want to trade it in on a newer model, but alas, Debt Busters has not only forced me to pay an additional R700 for God-knows-what-reason, but they are also now forcing me to drive my vehicle for another 3 years, regardless of the fact that that it's motor plan has expired, that services are now costing me more, and that the km's are increasing on a daily basis to the point where the car will require more maintenance and become more of a financial burden to keep it rather than sell it. It seems that Debt Busters' priority is more to lock customers into a contract and milk them for their money in the long run, rather than to help them through a financial crisis up until the point where they are able to become financially independent again. I want to know how Debt Busters finds it acceptable to force me into a contract where I have to pay an extra R700 a month, aswell as force me to drive my car for the next 3 years (which i have already had for 3 years) surely, if a client is financially better off, then he can be released from the debt review process, isn't that the WHOLE POINT of the debt review process? Hence the word, "rehabilitation" in "debt rehabilitation".

0
Replies (1)
DebtBusters SA
DebtBusters SA's reply06 Aug 2018, 20:52
Official

Good day duane-hall

We are sorry that you are not happy with the process and are not having a good experience. We will investigate the context and your speicific client profile.

A manager will be in contact with you to address it accordingly.

Regards

The DebtBusters Team

Best regards,