HF
Henry F
1 reviews | Active since Mar 2011
06 Mar 2015, 13:37
Never Use Debtsafe
We have been under debt review for the past 42 months, with no success in reducing our debt, we were told that we would be debt free in 5 years and we have been misled. The starting combined debt of R 84,891 and has since paid<br> R 92,185 however the current balances as per creditor's statements are R80, 498. No change in interest rate at all! We are paying Nedbank 16% interest and Woolworths 27.5% interest! This is exactly the amount of interest I paid to start off with! Looking back on original documents we signed and supp**** to Debtsafe we were told that if their procedures were to be implemented we will have a drastic change in our financial situation
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DebtSafe's replyOfficial
09 Mar 2015, 08:43Your Debt Review has been terminated on 25-02-2015 due to non-payment because your payments were in arrears for 3 months.
The ideal scenario is to be under Debt Review for 5 years or less, but this is not always possible for consumers. It depends on your debt and the amount you can afford to pay per month. Your payment plan has been calculated considering your budget and what you had available to pay your Creditors.
I wish to explain to you how interest is dealt with in debt review. The creditor is entitled to the interest rate agreed to on the original credit agreement subject to the provisions of Section 103(5) of the Act. Please also take note that your original instalments were ? R4 257.14 per month and your reduced debt review instalment is R1 700.00, this is 40% of your original instalments. Interest rates can be negotiated but then the consumer has to make a very reasonable offer.
To be continued...
Best regards,
DebtSafe's reply09 Mar 2015, 08:43
Official
Your Debt Review has been terminated on 25-02-2015 due to non-payment because your payments were in arrears for 3 months.
The ideal scenario is to be under Debt Review for 5 years or less, but this is not always possible for consumers. It depends on your debt and the amount you can afford to pay per month. Your payment plan has been calculated considering your budget and what you had available to pay your Creditors.
I wish to explain to you how interest is dealt with in debt review. The creditor is entitled to the interest rate agreed to on the original credit agreement subject to the provisions of Section 103(5) of the Act. Please also take note that your original instalments were ? R4 257.14 per month and your reduced debt review instalment is R1 700.00, this is 40% of your original instalments. Interest rates can be negotiated but then the consumer has to make a very reasonable offer.
To be continued...
Best regards,