There is a growing financial scam involving unsolicited offers for debt relief designed to unknowingly enrol individuals into a formal debt review programme, making them ineligible for future credit including vehicle finance.
This is according to the National Automobile Dealers Association Nada which has cautioned consumers to steer clear of these scams.
Debt review is a legal process designed to assist over-indebted consumers. It involves a debt counsellor, who gets paid for their service, assessing the applicants financial situation and negotiating with creditors to restructure their debt into a more manageable repayment plan.