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A Fin24 user has learnt the hard way to always read the fine print and hold her debt reviewer accountable when instalments go haywire. She writes:
I had gone under Debt Review with Credit Matters when my boss was forced to cut our salaries.
I had gone under Debt Review with Credit Matters when my boss was forced to cut our salaries.
Rather than lose my job, I stayed with the employer at a reduced rate, but suddenly was not able to meet my payments. I thought I was doing the right thing (going under Debt Review), as the banks were starting to harass me and I didn’t want to lose my car.
This year in April, as I did every month, I read my statements from Hyphen (PDA). I was horrified to see that I now owed R20 000 more for my car than I did in March.
I called Credit Matters and was advised that I must get my balances myself. I don’t know what their maintenance fees are for, since I am charged close on R450 by Hyphen and Credit Matters each month for maintenance costs.
I called Absa Vehicle Finance who confirmed that I owed a mere R12 000 on my car, R30 000 less than what was reflected on my statement.
Suspicious, I then went to all the credit providers and checked balances.
Two loans which were still reflecting high balances had in fact been fully paid up at the end of 2011 and February 2013 respectively.
Capitec Bank then insisted that I provided proof of payment to them so that they can reconcile the payment. Credit Matters was unable to provide a satisfactory statement, also accusing me of missing two payments, which I was able to prove I had made.
At the end of the day, I am out of pocket R12 460 which Capitec hadn’t allocated to my account and now can’t find apparently.
The injustice is that this is theft, thinly disguised as protecting the consumer.
Always get monthly statements from your credit providers. Always hold the Debt Reviewer accountable and always read the fine print.
Regards,
Fiona Groenewald
