May 2022 Debtfree DebtBusters Special Edition
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NCR HELP SHUT DOWN<br />
UNREGISTERED BUSINESS<br />
OFFERING DEBT REVIEW<br />
SERVICES<br />
Major Authorised Debt Mediation (based in Bloemfontein),<br />
who later rebranded to MSR Financial Solutions has been<br />
shut down by the NCT.<br />
The NCR began to investigate the company who were<br />
telling consumers they would help them deal with their debt<br />
through some sort of mediation.<br />
The company was actually trying to offer consumers services<br />
that would require them to register with the National Credit<br />
Regulator as both Debt Counsellors and Alternative Dispute<br />
Resolution Agents.<br />
They had not done so and were actually unable to live up<br />
to their promises. Complaints lead to the NCR investigation,<br />
which then lead the NCR to take the matter to the National<br />
Consumer Tribunal.<br />
The NCT handed down a big fine and ordered an audit and<br />
that consumers be repaid fees that have been charged.
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