guitarist28
Well-Known Member
- Joined
- Jul 30, 2008
- Messages
- 109
- Reaction score
- 0
Hi guys.
I am here asking for advice on behalf of someone.
Maybe the big brains here can provide some ideas. Thanking you in advance.
A family member, lets call them JR, unfortunately had to go under debt review in 2015.
One of the accounts included in the program, at the time of inception, was around R99k.
Everything was signed and sealed, and the total repayable over the period of the program (10 years), for this specific account, was pinned at R220k. Court stamped, whole shebang.
Last week JR got notified by the debt review company, that the account in question, is at present running in excess of R300k, at an interest rate of 28%. JR has however been paying diligently without missing payments. Essentially, at this point, the account accumulates R7k in interest monthly. It's insane. It's way above what the monthly agreed payment is.
Is this legal? Or did someone's math fail them during the negotiations?
Surely the repayable amount as per the court consent order is binding?
Sadly the debt review firm "can't do anything about it", and wants JR to go sort it out with the credit provider themselves, which is laughable as well.
Is is best to go see a lawyer?
Advice appreciated.
I am here asking for advice on behalf of someone.
Maybe the big brains here can provide some ideas. Thanking you in advance.
A family member, lets call them JR, unfortunately had to go under debt review in 2015.
One of the accounts included in the program, at the time of inception, was around R99k.
Everything was signed and sealed, and the total repayable over the period of the program (10 years), for this specific account, was pinned at R220k. Court stamped, whole shebang.
Last week JR got notified by the debt review company, that the account in question, is at present running in excess of R300k, at an interest rate of 28%. JR has however been paying diligently without missing payments. Essentially, at this point, the account accumulates R7k in interest monthly. It's insane. It's way above what the monthly agreed payment is.
Is this legal? Or did someone's math fail them during the negotiations?
Surely the repayable amount as per the court consent order is binding?
Sadly the debt review firm "can't do anything about it", and wants JR to go sort it out with the credit provider themselves, which is laughable as well.
Is is best to go see a lawyer?
Advice appreciated.