1 reviews | Active since May 2019
Home Loan Handed to Legal Due to MyDebtHero mismanagement of account
URGENT: Home Loan Handed to Legal Due to MyDebtHero Mismanagement
I approached MyDebtHero while all my accounts were fully up to date after losing my job. My intention was to proactively protect my credit profile and ensure responsible management of my financial obligations through professional debt review assistance.
Instead, due to what appears to be serious administrative failures and lack of oversight, my home loan has now fallen into arrears of approximately R66,000 and has been handed over for legal action, placing my home at risk.
The following issues occurred during my time under MyDebtHero’s management:
Incorrect Debit Order Processing Despite a clear agreement that debit orders would run on the last day of the month, MyDebtHero repeatedly processed them on the 28th. This resulted in failed debit orders, unnecessary bank charges, and disruption to the payment process. I was eventually informed that the date could not be corrected, forcing me to cancel the debit order and make manual payments.
Failure to Allocate Increased Contributions Correctly I agreed to increase my monthly payment, and the increased amount was paid as agreed. However, MyDebtHero failed to update their internal allocation, resulting in the additional funds not being distributed to the intended account.
Ignored Payment Break Request When I started a new job in November and submitted my employment contract confirming delayed salary payment, I formally requested a temporary payment break. Weeks later I was informed that no payment break was required as the accounts were "up to date." I have since discovered that my bond account was allowed to fall into arrears and has now been handed over for legal action.
Failure to Escalate or Provide Access to Management For over two weeks, I have repeatedly requested escalation to a manager or senior decision-maker. I have received daily assurances but no call back. I have also been denied access to speak directly with a debt counsellor regarding this urgent matter.
Given the seriousness of the situation, I have now lodged a formal complaint with the National Credit Regulator (NCR) and am exploring further legal remedies regarding the handling of my account.
I formally request the following from MyDebtHero as a matter of urgency:
A complete written breakdown of all payments received and distributions made
A clear explanation as to why my bond account was allowed to fall into arrears
Immediate engagement with my bond creditor to attempt to halt or reverse legal action
Direct contact from senior management within 24 hours
I approached MyDebtHero in good faith to prevent exactly this type of outcome. Instead, I am now facing the possibility of losing my home due to what appears to be mismanagement and failure of proper oversight.
Please note: A formal complaint has already been lodged with the National Credit Regulator (NCR). I will be updating this HelloPeter review within the next 48 hours to reflect MyDebtHero's response, or lack thereof, and the outcome of any engagement from senior management.
UPDATE — 48 HOURS LATER: NO RESPONSE FROM MYDEBTHERΟ
As stated in my original review, I committed to updating this post within 48 hours to reflect MyDebtHero's response — or lack thereof.
MyDebtHero has not made any contact whatsoever.
No call. No email. No acknowledgement. No escalation from senior management. Absolute silence — while my home loan remains in legal proceedings and I am at risk of losing my home.
To summarise where this matter now stands:
- My Nedbank home loan remains in arrears of approximately R66,000.00 and is still in the hands of legal
- My formal complaint with the National Credit Regulator (NCR) has been submitted in terms of Section 136 of the National Credit Act 34 of 2005
- MyDebtHero has had every opportunity to engage, escalate, and resolve this matter — and has chosen not to
- This is a debt counselling company that is legally and regulatorily obligated to act in my best interest — they have demonstrably failed to do so
I entered debt review with MyDebtHero while all my accounts were fully up to date. I did everything right. I communicated every change in my circumstances. I submitted supporting documentation. I followed every process they asked me to follow.
The result? My home is now at risk — because of their failures, not mine.
To any South African consumer currently considering MyDebtHero — or already under their management — I urge you to audit your own account immediately: check your distribution statements, confirm your debit order dates, verify that your payment break requests were actually implemented, and ensure your bond account is being paid correctly every month.
Do not assume it is being handled. I did — and it cost me R66,000.00 and my home's security.
This review will continue to be updated as this matter progresses through the NCR complaints process and any subsequent legal proceedings.
UPDATE — 48 HOURS LATER: NO RESPONSE FROM MYDEBTHERΟ
As stated in my original review, I committed to updating this post within 48 hours to reflect MyDebtHero's response — or lack thereof.
MyDebtHero has not made any contact whatsoever.
No call. No email. No acknowledgement. No escalation from senior management. Absolute silence — while my home loan remains in legal proceedings and I am at risk of losing my home.
To summarise where this matter now stands:
- My Nedbank home loan remains in arrears of approximately R66,000.00 and is still in the hands of legal
- My formal complaint with the National Credit Regulator (NCR) has been submitted in terms of Section 136 of the National Credit Act 34 of 2005
- MyDebtHero has had every opportunity to engage, escalate, and resolve this matter — and has chosen not to
- This is a debt counselling company that is legally and regulatorily obligated to act in my best interest — they have demonstrably failed to do so
I entered debt review with MyDebtHero while all my accounts were fully up to date. I did everything right. I communicated every change in my circumstances. I submitted supporting documentation. I followed every process they asked me to follow.
The result? My home is now at risk — because of their failures, not mine.
To any South African consumer currently considering MyDebtHero — or already under their management — I urge you to audit your own account immediately: check your distribution statements, confirm your debit order dates, verify that your payment break requests were actually implemented, and ensure your bond account is being paid correctly every month.
Do not assume it is being handled. I did — and it cost me R66,000.00 and my home's security.
This review will continue to be updated as this matter progresses through the NCR complaints process and any subsequent legal proceedings.
True to form, My Debt Hero just totally ignored all attempts made to resolve this issue. To date I still have had no response - however in all honesty, my dealings with My Debt Hero's prepared me for them not bothering to respond or even reach out to me.
In all fairness, I have given My Debt Hero's sufficient time to respond and the fact that they haven't, just indicates that I now need to take legal action against them and will be contacting a lawyer.
I might be a small fish in MY DEBT HERO's world, but this small fish has had enough and I am disgusted that they think that if they just ignore me the issue will go away. Well, I have news for them, I WILL NOT GO AWAY UNTIL THIS HAS BEEN RESOLVED.
At this stage, I have NOTHING left to loose and its all thanks to the incompetence and mismanagement of my accounts by My Debt Hero.
True to form, My Debt Hero just totally ignored all attempts made to resolve this issue. To date I still have had no response - however in all honesty, my dealings with My Debt Hero's prepared me for them not bothering to respond or even reach out to me.
In all fairness, I have given My Debt Hero's sufficient time to respond and the fact that they haven't, just indicates that I now need to take legal action against them and will be contacting a lawyer.
I might be a small fish in MY DEBT HERO's world, but this small fish has had enough and I am disgusted that they think that if they just ignore me the issue will go away. Well, I have news for them, I WILL NOT GO AWAY UNTIL THIS HAS BEEN RESOLVED.
At this stage, I have NOTHING left to loose and its all thanks to the incompetence and mismanagement of my accounts by My Debt Hero.