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. 

CLIENT 1

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.

CLIENT 2

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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