We want to make additional payments in the months that we can afford it to our creditors. Our relationship manager told us that we cannot do that unless we settle or pay the full outstanding amount? Is that correct? Because paying R500 to a R5000 account is much easier than trying to save R500 until it reached R5000? We can do that, but our RM is not allowing us, how do we get around that?
Thank you for getting in touch.
You can indeed pay extra.
What you need to do is to notify your Relationship Manager that additional payments will be made so that they can adjust the payment plan accordingly for that specific month. You must also specify to which the creditor the extra payment should go, then your Relationship Manager will adjust your payment plan for that month on the system.
It is very important that you do not directly play the creditor yourself; otherwise there will be a data difference between the creditors and your debt counsellor. The payment should go through the Payment Distribution Agent (PDA). The Relationship Manager and PDA (which is Hyphen in this case) should handle the extra fees for you.
Please be so kind to send a mail to Roxanne de Klerk at [email protected] and she will gladly help you get this sorted.
Have a great day.