I went under debt review in 2010. I signed up and paid and then the debt counsellor decided to pursue a different career path, I was handed over to another company where again I paid and had endless troubles. Eventually I found a new debt counsellor who came highly recommended. She filed all the necessary paperwork and I joined her – again at a fee.
From 2013 I assumed all was going well until June 2014 when Wesbank tried to repossess my car. Turned out the payments I was making every month were not being distributed properly and Wesbank hadn’t been paid in 5 months. I had to find almost R40,000.00 in 7 months to pay the car off. That’s almost what I owed in 2010 when I went under debt review. The legal fees from 2013 to 2014 amounted to R11,000.00 which of course I was responsible for. I immediately stopped paying the NPDA and have since taken over paying my own accounts.
I contacted TransUnion recently and asked for an updated credit record. I noted Wesbank still appeared as outstanding and have lodged a dispute with them. I also noticed that they have me loaded as under debt review.
They have requested that I obtain a 17.4 form from the debt counsellor – I have requested the same but I am unsure what the implications are of requesting this. No one has contacted me from the debt counsellor or NPDA querying my non-payment since June 2014. How long does it take for this form to be issued and could it create any problems for me?
Thank you for your question.
I am truly sorry to hear about your disheartening experience, you were supposed to receive help and instead had to deal with dishonesty and more distress.
A Form17.4 was the old document used as a debt review cancellation form. This has been replaced by a Form17.w which serves the same function, but with improved guidelines. This guideline states that if there are still debt counsellor fees outstanding, or you are not able to continue with you original instalments, the credit bureaus may not remove the debt review listing from your credit record.
However if you can continue with your original instalments, or you have settled all your debt, you can apply with a debt counsellor for a clearance certificate (a Form19). Upon receipt of your Form19 clearance certificate, the credit bureaus are required by law to expunge from their records all information relating to your debt review.
Hope this information helps.