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Why do balances on the statement from my PDA and creditors differ?

I have received a lot of enquires from our existing clients under debt review asking this question. Maybe you have also come across this as well and need some answers.

Balances on statements that the debt counsellor issues which he/ she gets from PDA are estimates. First and foremost, the account information that the debt counsellor (DC) captures on the PDA system has to be correct. Otherwise, the balances would differ. Furthermore, the balances differ because payments are processed by the PDA and the credit providers at different times. Credit providers apply payments to your account a few days after payments are made from the PDA and this affects the interest calculated on the account resulting in differences in the outstanding balance.

It is possible that the credit providers may also be adding charges that the PDA are not aware of and may need to be manually added or removed. Therefore, the balances on PDA statements should be taken as estimates. The debt counsellor has to call the credit provider to get the latest balances and update the system balances regularly.

You can have up to 3 months payment differences and this is normal.

In terms of debt review guidelines, it should be noted that the debt counsellor does not pay the credit providers neither is he/she allowed to receive any money from consumers directly from the consumer. The debt counsellor uses a PDA (e.g Hyphen, DC Partner) and instructs the PDA which credit provider to pay and how much. The PDA statement shows how this distribution between the various stakeholders was done.

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