FO
Fredricka O
1 reviews | Active since Jul 2014
09 Mar 2023, 11:17
No help from Vantage
I was a client for 5 years that was how long they said we would be under Debt Review. I got Covid, spend 2 months in ICU came home on 24 hours oxygen. I was retrenched. They forwarded a change of circumstance form to my providers and conveniently told me they could not assist us any longer because of the Court Order. Dont be fooled by them because in 5 years you will still have Debt. They are not even close to being helpful once the money dries up.
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Vantage Debt Management's replyOfficial
09 Mar 2023, 11:59Good morning Fredricka, thank you for your review. The estimated term provided to you was 5 years. The term is based on the total outstanding debt you have and how much you repay to your debt on a monthly basis. We understand that you have been through a difficult time and being retrenched is a terrible experience and places consumers in a financially tough position. During this period we notified your credit providers of your circumstances, unfortunately, we are not the ones who get to decide whether a consumer will be granted a payment break or not. That discretion is solely with your credit providers. As you were no longer in a position to make payments toward your accounts, the term was affected. The term will increase when payment is missed due to arrears accumulating on the accounts but the term will also reduce with additional payments. The term is flexible and dependent on the client's payment behavior and that is why the term is merely an estimate because should a client miss payment, then the term will automatically increase. We sympathize with your situation, unfortunately, this is a legal process, and we have managed to negotiate with your credit providers to reduce your monthly repayments by 40% and also reduced your interest rates. We do not have the ability to stop your credit providers from exercising their right to remove your accounts from the protection of the process when payments are missed on the new arrangements. Despite payments being missed, we have tried to assist you but our assistance is limited due to credit providers exercising their rights.
Vantage Debt Management's reply09 Mar 2023, 11:59
Official
Good morning Fredricka, thank you for your review. The estimated term provided to you was 5 years. The term is based on the total outstanding debt you have and how much you repay to your debt on a monthly basis. We understand that you have been through a difficult time and being retrenched is a terrible experience and places consumers in a financially tough position. During this period we notified your credit providers of your circumstances, unfortunately, we are not the ones who get to decide whether a consumer will be granted a payment break or not. That discretion is solely with your credit providers. As you were no longer in a position to make payments toward your accounts, the term was affected. The term will increase when payment is missed due to arrears accumulating on the accounts but the term will also reduce with additional payments. The term is flexible and dependent on the client's payment behavior and that is why the term is merely an estimate because should a client miss payment, then the term will automatically increase. We sympathize with your situation, unfortunately, this is a legal process, and we have managed to negotiate with your credit providers to reduce your monthly repayments by 40% and also reduced your interest rates. We do not have the ability to stop your credit providers from exercising their right to remove your accounts from the protection of the process when payments are missed on the new arrangements. Despite payments being missed, we have tried to assist you but our assistance is limited due to credit providers exercising their rights.