Debt Review Centre was recently able to successfully bring allegations of Reckless Credit.
What is A Reckless Credit Allegation?
Reckless credit allegations may happen when creditors fail to conduct a thorough analysis of whether the consumer is able to pay the money back.
In such cases, consumers can reach a favorable settlement agreement with the creditor.
Here are two examples of successful credit allegations, by Debt Review Centre.
The Court ruled in our favour and the following accounts were set aside in full:
- Clientele Personal Loan (underwritten by Direct Axis) – R21530.40
- Ist for Woman Personal Loan (underwritten by Direct Axis) – R42353.90
- Direct Axis Personal Loan – R52189.48
- Sanlam Personal Loan (underwritten by Direct Axis) – R14697.98
- Standard Bank Personal Loan – R21069.84
To date, this has been the only reckless credit application that was granted.
Reckless credit allegations were made against the FNB accounts and they offered the interest to be reduced to 0% and wrote off the arrears amounts on the accounts. The consumer accepted their offer and the matter was settled as FNB did not want to have a reckless credit judgement against their name.
We currently have 3 other reckless credit applications pending against Nedbank and Direct Axis.
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