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Outstanding Amounts

Questions & AnswersOutstanding Amounts
Anonymous asked 2 years ago

Hi,

I have noticed that the statement that I receive from Hyphen every month does not correspond with my Account invoices I receive from stores or even the bank. As a matter of fact on one account I owe more now than I did when I started the debt review process 3 years ago. How can this be possible if I pay every month?

1 Answers
Matthys Potgieter Staff answered 2 years ago

Hi there,
 
This is a major problem in our industry. The credit providers do not send out statements with the correct amounts and balances – especially the banks.
 
The banks have separate debt review departments. The moment a client goes under debt review, the account is moved or transferred to the debt review department. All payments are then processed in that department. Meantime, the normal accounting ledger is still running without reflecting any payments. If you do get a statement like that, notify your debt counsellor so he/she can take it up with the relevant credit provider.
 
For the most accurate view on your repayments you can work according to you PDA statement.
 
Kind regards