Seen Here: Patricia Temba, Executive Head of Collections at FNB, highlights the importance of protecting senior citizens from misleading debt-relief offers and unauthorised debt review enrolment. As financial pressures continue to affect retirement incomes, Temba urges older consumers to make informed financial decisions, verify debt counselling services and remain vigilant against practices that could compromise their financial independence. Her message is clear: financial relief should never come at the cost of dignity, security and control over one’s finances. Photo Credit: Supplied.
With growing numbers of older South Africans still carrying debt into retirement, FNB highlights five practical ways consumers can protect their finances against misleading debt counselling offers and unauthorised debt review enrolment.
Retirement is traditionally associated with financial independence, stability and the opportunity to enjoy the rewards of years of hard work. However, for many older South Africans, outstanding debt continues to place pressure on retirement incomes, creating an environment in which seemingly attractive debt-relief offers can become costly financial traps.
FNB is warning senior citizens and their families to exercise caution when approached by individuals or organisations promising to reduce monthly debt repayments, particularly where such offers involve debt review enrolment without proper disclosure, informed consent or a clear understanding of the financial consequences.
The warning comes amid findings from FNB’s 2026 Retirement Insights Survey, which indicate that 27% of lower-to-middle-income respondents over the age of 60 are surprised to still have debt at their stage of life, with outstanding financial obligations continuing to affect their financial freedom.
According to Patricia Temba, Executive Head of Collections at FNB, the financial pressures experienced by older consumers can make them particularly vulnerable to offers promising immediate relief.
“Debt is a significant concern for many seniors, which may make quick fix offers especially appealing. Consumers must therefore know the difference between legitimate debt review and predatory practices,” says Temba.
Her warning highlights an important distinction: debt review is a legitimate consumer-protection mechanism under South Africa’s credit regulatory framework, but it should never be misrepresented as a savings programme, government benefit or effortless way of reducing debt.
Debt review: Understanding the financial implications
Debt review is a formal process facilitated by a registered debt counsellor to assist consumers who are assessed as over-indebted.
Following a financial assessment, a debt counsellor determines whether a consumer is unable to meet their financial obligations as they fall due. Where over-indebtedness is established, the process involves notifying relevant credit bureaus and credit providers and negotiating a proposed repayment restructuring arrangement.
While the process can provide meaningful financial relief, it carries significant consequences that consumers must understand before agreeing to participate.
One of the most important implications is that consumers under debt review cannot enter into new credit agreements until their existing debts have been settled and the debt review process has been formally concluded.
Their credit profiles will also reflect their debt review status, potentially affecting their ability to access additional credit.
Furthermore, consumers are expected to honour the agreed repayment restructuring arrangements, making it essential that the proposed payment structure is realistic and sustainable.
Temba emphasises that consumers should also understand the associated costs, including administration fees and ongoing monthly charges.
Before committing to debt review, consumers are encouraged to approach their existing credit providers to establish whether alternative repayment arrangements are available.
“Debt review is an important protection for people who are genuinely overindebted. It can help restructure repayments. However, nobody should be pressured or misled into a process with such significant consequences,” she explains.
Five ways senior citizens can protect themselves
FNB has identified five practical measures that older consumers and their families can use to protect against unauthorised debt review enrolment and misleading debt-relief schemes.
1. Be cautious of unsolicited debt-relief offers
Unexpected telephone calls, SMS messages and WhatsApp communications promising dramatically reduced monthly repayments should immediately raise questions.
Some unscrupulous operators present debt review as a financial savings programme or even a government-supported benefit, creating the impression that consumers can reduce their debt without significant consequences.
Older consumers are encouraged not to make financial commitments during unsolicited calls. Instead, they should request the caller’s name and organisation, terminate the conversation and independently verify the organisation using contact information obtained from trusted sources.
2. Understand every document before signing
Debt review is a formal financial arrangement with consequences that can extend well beyond immediate monthly repayments.
Consumers should establish exactly how repayments will be structured, what fees will apply, whether additional borrowing will be restricted and how the process will affect their financial position.
All documentation, including electronic application forms and digital links, should be read carefully before acceptance.
Consumers should never disclose banking passwords, personal identification numbers or one-time passwords to individuals claiming to facilitate debt relief.
Where documentation is unclear, older consumers should request an explanation or consult someone they trust while retaining control over the final decision.
3. Verify the debt counsellor’s registration
Legitimate debt counsellors must be registered with the National Credit Regulator (NCR).
Consumers should request the counsellor’s full name and registration number and verify the information through the NCR’s official website, www.ncr.org.za.
Importantly, FNB cautions that registration alone does not establish that an individual making contact is genuine. Fraudsters may impersonate registered professionals or use legitimate business identities to create credibility.
Independent verification of contact details and the organisation’s identity is therefore essential.
4. Monitor credit profiles and financial accounts
Regularly reviewing credit reports, bank statements and financial notifications can help identify suspicious activity before it develops into a more serious problem.
Consumers should pay particular attention to unfamiliar repayment arrangements, unexpected debt review notifications and changes to their credit profiles.
If an older consumer receives a notification suggesting that a debt review application has been initiated, the matter should be raised with their bank promptly.
Families also have an important support role. Adult children and relatives can assist older family members in understanding unfamiliar financial communications and identifying potentially fraudulent offers.
However, support should strengthen financial independence rather than undermine an older person’s right to make their own financial decisions.
5. Challenge debt review enrolment that was never authorised
Consumers who discover that they have been placed under debt review without their knowledge or consent should act promptly.
FNB advises affected individuals to contact their bank and the debt counsellor identified in the application, request copies of the relevant documentation and seek evidence of the consent allegedly provided.
A formal complaint should also be lodged with the National Credit Regulator, with consumers retaining records of telephone conversations, emails, correspondence and complaint reference numbers.
Older consumers should be particularly cautious of individuals promising immediate removal from debt review in exchange for a fee.
Any legitimate termination or removal must comply with the applicable legal requirements. Unverified intervention services can expose consumers to further financial losses.
Protecting financial independence in retirement
The issue of unauthorised debt review extends beyond the technicalities of credit regulation. It raises broader questions about consumer awareness, financial literacy and the protection of vulnerable consumers within an increasingly complex financial services environment.
For older South Africans, retirement income often needs to cover essential living expenses, healthcare, household costs and outstanding financial commitments. Unexpected financial obligations or inappropriate credit arrangements can therefore have a disproportionate impact on their quality of life.
The FNB findings highlight the importance of addressing debt as part of retirement planning, rather than assuming that outstanding financial commitments automatically disappear when an individual leaves the workforce.
There is also a responsibility on financial institutions, regulators and consumer-protection organisations to ensure that older consumers have access to accurate information and appropriate channels through which to seek assistance.
Crucially, debt counselling should remain a mechanism for financial rehabilitation, not an opportunity for exploitation.
Temba says families can help protect older relatives by assisting them in identifying suspicious communications and understanding unfamiliar financial documents, while respecting their independence.
“Don’t assume an unauthorised listing cannot be challenged. Raise it promptly through the appropriate channels and keep a clear record of what happened,” she advises.
She concludes that the objective is not to discourage older consumers from seeking legitimate assistance, but to ensure that every financial decision is informed, voluntary and appropriate to their circumstances.
“Getting help with debt should never mean surrendering control of your finances.”
An informed decision is the strongest financial protection
As South Africa continues to navigate household debt pressures and the challenges of retirement affordability, protecting older consumers from misleading financial practices must remain an important consumer-protection priority.
Debt review can offer a structured pathway towards financial stability for genuinely over-indebted consumers. However, its effectiveness depends on transparency, informed participation and a clear understanding of the obligations involved.
For senior citizens, the message is straightforward: never allow the promise of lower repayments to overshadow the importance of understanding the agreement behind them.
Financial relief should restore independence, not compromise it. In retirement, protecting one’s financial dignity begins with protecting the right to make informed decisions.
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