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16 Oct 2010 16:20
Galekhute asks: My Wesbank loan is being paid via a collection agency after it was handed over. The outstanding balance was R43 000 when I was informed that the debt has been sold to the agency.
The agency is now claiming R58 000 for interest and commissions.
Maya replies: If you are struggling to meet your debt repayments always try and negotiate with the credit provider before it is handed over. The commissions and additional interest charges can increase your debt significantly and you now owe even more money.
In your specific case, Paul Slot, head of debt counselling company Octogen says you have several options:
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