EXCESSIVE INTEREST / REPAYMENTS / ADDING 2nd ACCOUNTS AT THEIR WHIM - TRIPPELING CONTRACT BALANCES OWED AT INCEPTION OF DEBT RESCUE

I voluntarily entered in to debt rescue with a reputable company just after covid and the Order was granted in October 2021. The Certificate of Balance provided by DirectAxis to my debt counsellor showed my capital balance outstanding as R58 515.27, this amount also reflecting on the Court Order as at October 2021.

I am very particular in that i keep a check on the amounts monthly and the only amount that doesnt decrease is DirectAxis. In fact, i have gone from having 1 contract balance under R100k at the inception of debt rescue, to now having 2 accounts OVER R100k despite my instalments increasing to over R6k per month to DirectAxis alone. The amounts continue to grow and grow and grow. The whole purpose of debt rescue is to assist in managing and coping financially to settle your debt, and this debt with DirectAxis just never ends. I have managed to settle almost 6 other accounts that had similar balances on inception including my vehicle repayment that was almost R200k, but DirectAxis amount just never comes down. The interest is exorbitant, and the increase of the contract balance just increases.

I have to date, paid a total amount of R 53098.51, and in theory July 2024's instalment of R6114.30 should be the last payment towards my debt owed to DirectAxis as per October 2021 COB. However, the current contract balance now reflecting as owing on 1 account is R102 776.54 and on the 2nd account as R135 542.34. This is absolutely insane !!!!!!!!! At this rate i will be under debt rescue until i die. Nevermind the fact that i only had 1 account to start with and not 2.

I have emailed directly, through my debt counsellor, through the website portal to no avail. No one can give me a proper explanation as to how i have gone from owing R50K odd to now owing close to R250K. Madness. I have never in my life experienced this and will never ever ever recommend anyone use DirectAxis ever. I furthermore intend reporting them to the banking Ombudsman and the NCR and Competition Commission. This is madness.