26/04/2022
Once again we see a flood of advertising on social media platforms, especially Facebook, of false, misleading and in some instances criminal advertising enticing consumers to take up debt consolidation, debt review removal and government approved methods to have debt written off. This only with the view to steal consumers hard earned cash.
Consumers must be aware that there is no magical cure for your debt problems! You received the money from the bank, that you asked for, and you are required to pay it back. The are no government methods to write off debt and no special relief if you are over a certain age. These companies are merely after your cash and have no magic wand to waive away your debt or debt review status.
It is time to get back to basics. If you cannot identify the person advertising a service, it is hidden for a purpose. This purpose is to hide their identity that you have no recourse against them when you eventually realized that you have been scammed!! Only registered debt counsellors can assist you with your debt, and if there is no "NCRDC" registration number with a physical business address and phone number that actually works, they are most likely not a registered and trained person that can assist you with your debt. Check Hello Peter if there are any scam alerts before answering to any advertising.
As to "debt review removals", three judges in the High Court ruled that there are very specific circumstances where consumers may be removed from debt review. This is contained in an official guideline issued by the National Credit Regulator. Read the guideline and see under which scenario you fall as a consumer. It can be found here:https://www.ncr.org.za/documents/27%20May%202021-Debt%20Withdrawal%20%20review.pdf
Finally, the National Credit Regulator has warned consumers during March 2022 of these scammers trying to steal consumer monies. This warning can be found here: https://www.ncr.org.za/index.php/latest-news/8-latest-news/127-misleading-advertising-on-social-media-platforms-regarding-debt-counselling Debt counsellors and all other stakeholders are encouraged to post this NCR press release into the comment section of all these false and misleading advertising to warn consumers and force the removal of these damaging posts. Be part of the solution.
Consumers and any other stakeholders are encouraged to report these type of advertising to the National Credit Regulator to be investigated. Complaints can be referred to [email protected].
If you are a consumer that has been scammed, contact us via our website to see if we can assist you with a solution. Stay safe and be vigilant! Your money, your responsibility!
The NCR is tasked with the registration of credit providers, credit bureaux and debt counselors; and enforcement of compliance with the Act.
