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These schemes are designed to unknowingly enrol individuals into a formal debt review programme, making them ineligible for future vehicle finance.
Explaining the concerning trend, Brandon Cohen, NADA Chairperson, stated: “South Africans are increasingly receiving unsolicited calls from organisations offering debt relief services. By participating in a brief survey and answering a series of questions with a simple ‘yes’, consumers may find themselves enrolled in a debt-review programme without giving explicit consent.”
Debt review is a legal process designed to assist over-indebted consumers. It involves debt…
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REVEALED: Latest business liquidations in Monash Herald Sun
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Beleaguered publican Jon Adgemis’ plan to avoid bankruptcy is in tatters after the trustee overseeing his assets was forced by a regulator to adjourn a meeting to decide whether he should be made bankrupt over his $1.8 billion debt pile.
In a letter to WLP Restructuring, the Australian Financial Security Authority said it was not satisfied with the investigation into Adgemis’ assets and called for a vote on a deal with creditors to be halted.
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