Press Statement: Debt Review Mismanagement Leaves Consumer in Worse Debt

Press Statement: Debt Review Mismanagement Leaves Consumer in Worse Debt Issued by: Raymond Stevens Date: 14 August 2025 Contact: *** | *** ________________________________________ Summary I am bringing to the public’s attention my personal experience with debt review in South Africa, which I believe demonstrates serious shortcomings, potential negligence, and harmful consequences of mismanaged debt counselling. Despite faithfully paying the amounts instructed under my debt review plans, mismanagement by two separate debt review companies has left me with increased debt, new arrears, and a worsening financial position. ________________________________________ Background • In May 2022, I entered debt review with National Debt Advisors (NDA). • I honoured the agreed repayment arrangements via EFT, with amounts ranging from R15,600 to R24,300 per month as per PDA distribution schedules. • Initially, NDA made payments to my credit providers, including ABSA Home Loans, Capitec Bank, Wesbank, and others. ________________________________________ Problems with NDA • Over time, NDA’s payment allocations and handling of arrears were inconsistent. • Despite my adherence to payment schedules, my accounts continued to show arrears. • In August 2023, after multiple requests for clarity and intervention, I instructed NDA to suspend their services and issue me with the required Form 17.W to allow me to manage my accounts independently. ________________________________________ Switch to AS Consulting • In January 2024, I moved to AS Consulting, expecting them to manage my debt review and distribute my payments correctly. • Since January 2024, AS Consulting has debited my account but has NOT made any payments to my credit providers. • As a result, my arrears have escalated sharply. o Example: My Capitec loan (Account No. ***) increased from R238,351.73 in Oct 2023 to R285,213.55 by Sep 2024—an increase of nearly R47,000, primarily from accumulated interest and fees due to non-payment. ________________________________________ Evidence 1. PDA Statements show regular monthly payments from me to the debt counsellor while I was under NDA, with clear allocations to creditors. 2. Capitec Bank Loan Statement shows no payments from AS Consulting during 2024, only small ad-hoc amounts I personally attempted. 3. Email Correspondence between myself and NDA shows my attempts to resolve the issues, including direct communication with their payment team and management. 4. Bank Statements confirm debits from AS Consulting in 2024 without corresponding creditor payments. ________________________________________ Impact • I am now in worse debt than before entering debt review. • My credit profile remains flagged under debt review, limiting access to credit or refinancing. • I am facing mounting arrears, interest, and legal threats from creditors due to missed payments caused by debt counsellor mismanagement. ________________________________________ Call for Accountability I urge: 1. The National Credit Regulator (NCR) and Financial Sector Conduct Authority (FSCA) to investigate both NDA and AS Consulting. 2. Greater regulation and enforcement of debt counsellors to ensure payments are actually made to credit providers. 3. Media and consumer protection groups to highlight these risks so other South Africans are not trapped in the same situation. ________________________________________ Closing Statement Debt review is marketed as a lifeline to over-indebted consumers. In my case, it has become a deeper financial trap due to mismanagement by the very companies mandated to help me. My story is not unique—others may be silently suffering under similar conditions. I am willing to provide all statements, emails, and transaction proof to back up my claims. ________________________________________ ENDS Contact: Raymond Stevens | *** | ***