Narrow escape from scam

COLD CALL: HOW IT TOOK JUST 16 MINUTES TO ALMOST BEING PLACED UNDER DEBT REVIEW

- Ryk Neethling

Sixteen minutes. That's how long it took me from receiving a cold call from a woman claiming that I "qualify" for a 60% discount on my monthly loan repayments to being on the verge of being put under debt review.

She never once mentioned the term debt review, however, but had access to personal information, including my ID and phone numbers, home address and illegally accessed my credit profile.

Had I not interrupted her just as she was about to cancel the mandates on my debit orders and revealed my identity as a journalist, I would have been put under debt review.

The debt review industry is already viewed negatively, but this case study suggests it is fundamentally flawed. The regulations aimed at protecting South Africans are not working.

Through a basic desktop search, I discovered that I was not alone; other consumers had been placed under debt review without their knowledge, apparently by the same debt counsellor.

I have been inundated with unsolicited marketing calls for months - sometimes three a day.

However, when I received a particular call recently, my phone was hooked up to my computer, and I could record the call.

I decided to humor the call and play along to ascertain what personal information the caller had and where she had obtained it. Big was my surprise.

This is what happened I received an unsolicited call from a woman who identified herself as "Rhadia". She claimed she was from a company called Smart Group, "a financial company empowered by the NCR (National Credit Regulator), as well as associated with the five major banks in South Africa". She referred me to the website of My Debt Assistant (www.mdassist.co.za).

Rhadia said the call was to inform me "that we did get a request from Capitec Bank that you do qualify for the 60% discount upon the accounts or loans which you are paying for".