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Thread: Debt review and Termination

  1. #11
    Silver Member Darkangelyaya's Avatar
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    If you are only in danger of losing your vehicle, then phone the bank and make arrangements. Keep notes of everything! It seems like your car is still fairly new, so do your best to keep it. NB! Even if you hand your car back willingly, it still counts as a repossession, and you will still owe the bank.
    I have been where you are - I know it's difficult. But you need to get your head straight and take charge right now. I would not pay the debt councillors another cent. They are mostly a bunch of thieves.
    Save the most important asset first. Normally that is your car, because you need it to get to work.
    Pay your creditors exactly as per the distribution list, with the same amounts, but directly. Keep proof of every single thing.
    NB! Fetch your whole file from the thieves and contact the important creditors yourself (a tv licence or clothing account is NOT a necessity. Car, house, food, electricity, those are. Get written agreements from everyone!
    Vanash has done excellent work in the prescribed debt area (expired debt).
    When you are calmer, browse that thread for info.
    Good luck, and stay strong.
    ~Anything or anyone who does not bring you alive, is too small for you~ Carina
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  2. #12
    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Darkangelyaya View Post
    I would not pay the debt councillors another cent.
    I suggest this is advice that should be considered with very careful caution. Not everyone possesses the strong characteristics required to succeed going down this path. (In fact I'd gently suggest the % of people who can pull it off on their own is very much a minority).

    It does have some merit though - going down the debt counselling route can add significant costs, and it certainly does impact on your autonomy.

  3. #13
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    Thank you for all you advice.

    I check the company as a number so they are legit, there are a few report and only good report 3 bad ones on Hello Peter. I spoke to all the other creditors they all get the money and have no problem only the bank were my car are finance even my local branch manager of that bank can't understand why they are doing this that is know the bank because they receive payments and everything are on black and white.

    I still cant understand why my term went up from 72 mnths to 92 mnths. I want to phone them myself but I know that the debtreview company will not like that at all. They dont even know that I spoke to the branch manager myself.
    I dont know if I should wait the 9 days till we go to court or what up to know nobody as handed me any formal sueing letters ( dagvaardigings).

  4. #14
    Diamond Member Justloadit's Avatar
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    I can understand why the payment period has been extended. If you are paying a lower amount, then it simply means that it will take more months to settle the original debt, because the interest is compounding on the unpaid portion.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
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  6. #15
    Silver Member Darkangelyaya's Avatar
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    The bank can take back your car legally at ANY time if you are behind in any way. If you go to court, chances are 99% that the bank will win.
    This is why I urge you again to come to an arrangement with them before court.
    If it is ABSA, I have a good contact for you, but otherwise it means trouble.
    ~Anything or anyone who does not bring you alive, is too small for you~ Carina
    ~The moment you think you know it all, is the moment you know nothing~ Carina
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  7. #16
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    I understand that they cant take away my car at anytime. But like a said I'm only behind the first 3mnd I went under debt review because creditors dont get pay the first 3 months I was never behind on a payment before that. This thing is a big mess and I so scared if I go to the bank myself it will cause damages to the debt review.

  8. #17
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    Darkangeyaya

    Could you please send me a private message.

  9. #18
    Full Member andrecv's Avatar
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    In reply to the case of Monita:

    Is there a company or institution that assists people who are wrongly treated wrt debt review cancellation and or getting out of debt review...please Dave and co HELP I cant take this anymore:
    I went on debt review in September 2014 and before getting a court order as such I decided to cancel it because our financial situation changed dramatically...until now im struggling...I even consulted with NCR, Maxlaw and a attorney...

  10. #19
    New Member Mel3's Avatar
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    Know the feeling, If you have concerns speak to your debt review agent as they have attorneys handling your case and creditors cannot take any action against you while you are under debt review. Believe me you are paying for the legal fees in the three months that you do not pay your creditors
    that covers your legal fees as well as a monthly fee, plus administration I think. They normally contact all your creditors and let them know, the con is if your creditors have already begun the legal process then there is not much you can do.

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