Debt Review ****

how Debt counsellors are exploiting consumers

Not all Debt counsellors aim to rescue consumers , a particular Debt counsellor With Branches in Durban and Johannesburg had been exploiting consumers who seek financial assistance and possibly payment reduction plan ,

This particular DC made millions trhoughout the years by declaring consumers over indebted so they can gain access into their already leacking pockets , the organisation is well organised and registered with NCR(the regulator ) .

The plan is to enslave consumers by trapping them with a Credit bereau status that prevents them from accessing credit ,( 8 out of ten consumers do not really understand debt review and enter into it thinking its a consolidation) because of the way it is advertised .

Once the consumer fully learns the disadvantages of Debt review they opt out that is when the DC Introduces bogus Fees that places a consumer in further debt infact puts a consumer in a worse financial sistuation than before.

Once you are in this trap " you hit the wall , even your employer can not offer you a salary advance , you are now in prison and the DC is your wardern .

Because the National credit regulator does not allow a DC to act as a Dbt collector , the DC will lodge a shell company to collect these fees ,

The guidelines of the NCR clearly stipulates that you can not charge consumers more than a certain amount for a rejected application but consumers have no clue and this Particular DC charges them.

Shocking admin activities are being perfomed by this organisation that include forging documents in order to charge insurance on top of fees which are already rediculous .

Distribution of Funds

You will think that proper audits exist within these organisaton as they make use of reptable Funds distribution agency but that is where the big shock is ,

Funds are being deducted from consumers and not being distibuted to Creditors as it becomes due causing additional interest which the consumer becomes liable for .

Families of deceased consumers are not made aware of overpayments

Consumers are denied access to distribution statement deliberately to conceal these shocking facts.