I am under debt review and paying well. However, I like to know as to what happened to the balloon payment I took when I bought the car as my recent statement from Nedbank does not indicate or reflect that? When I asked Nedbank, they indicated to me that the payment was based on the balance as at the time of the application. Does it mean that it will kick-in later after paying the balance? My statement reflects the balance as per my payment plan.
On another matter, while under debt review, I was offered credit facilities by two telecommunications companies in RSA, which I think I was not supposed to have received. I think one was taken for a ride as I now owe them. With one service provider, I had an existing cell phone and they gave me another one with credit. What recourse do I have.I think of exposing the companies for enticing me into debt, as some consumers are perhaps prey to this malpractice.
When you applied for debt review the credit providers had to issue us with a certificate of balance confirming the total outstanding balance. Balloon payments and everything included. Thus, your balloon payment has been absorbed into your debt review and the monthly payment that you are making caters for the balloon payment as well. Your balloon payment has basically fallen away. Unless you cancel the debt review prematurely upon which all debt will revert back to the original contractual terms.
Regarding the cell phone contracts. They cannot simply give the contract to you without you accepting it. If they have done so they will be guilty of reckless credit. Are those accounts now included in your debt review? If they are not I would suggest that you speak with your debt counsellor to include them and investigate a case of reckless credit. It is against the law to grant more credit to a consumer who are under debt review. It is also against the law for a consumer to accept further credit whilst under debt review.
In all likeliness those two accounts will be dealt with outside the scope of your debt review, and you might have to call in the expertise of an attorney. If according to your knowledge you have not accepted those agreements, I suggest that you ask the cellular companies to send you the agreement which you have signed or the voice recording where you accepted the agreements. If they cannot produce proof that you have agreed to the new contracts, there is no need for you to pay them,