Clear your name when blacklisted or start fresh if you find yourself on a bank blacklist.
If you are in trouble with debt and are worried that you may be blacklisted. Or if you have already been black listed. It is important that you know what steps to take to clear your name.
It is easy to find yourself overwhelmed by debt and in a situation where you might suffer penalties.
Understanding the bank blacklist system and knowing how best to manage your finances will help you in the present and in the future.
You should definitely take the time to find out more about what you can do to clear your name when blacklisted.
What is the Bank Blacklist?
When an individual takes out a loan, opens up a store account, applies for a credit card or receives any other type of credit.
The bank or financial service provider who approves the loan will draw up an agreement that must be signed by both parties.
In this agreement there will be clearly laid out rules. Outlining how much the individual must pay in monthly loan repayments and interest. When the payments must be made and to whom. If an individual finds themselves in a situation where they cannot afford to make their loan repayments. (Because of losing a job or because of an unexpected but unavoidable expense like a vets bill). They will be in breach of the agreement.
Once an individual has breached their contract with their creditor, the creditor is well within their rights to take action against the individual. To try and get their money back.
A financial service provider may threaten legal action. They may push for properties or other assets to be repossessed or they may blacklist the individual.
The bank blacklist comprises of a list of individuals who have not kept to their agreements in terms of paying back the debt that they owe.
Any other financial service provider can access this list to find out if any potential debtors have been blacklisted.
If a financial service provider finds that you have been blacklisted, they will not want to provide you with any form of credit.
How to clear your name when blacklisted
First of all, you should find out who has blacklisted you and why.
Go to www.creditrecord.co.za and get a full credit record. Go through the record carefully and pinpoint the problematic areas.
If there is any false information on your credit record you can apply to have it removed.
If the information is all correct and you are still blacklisted, it is a good idea to contact an expert in the field for help.
Contact an attorney to try to fight any judgements in court if you believe that you have been unfairly treated. Or contact a debt counsellor to try to sort through your problems.
There are two other options if you have been blacklisted. You could pay for early release out of the blacklist and then you will be given a clean slate.
Once you have a clean slate you will be able to start fresh on your credit record. To make sure that your credit score is good and that you have no negative listings.
The other option is to simply wait for the blacklist period to be over and then to move forward from there.
What if you haven’t been blacklisted yet?
If you have not yet been blacklisted but you are finding yourself increasingly overwhelmed by debt. It is important that you seek help before it is too late.
You could contact a qualified debt counsellor and get advice on how to manage your debt and finances in the future.
Another option is to take out one loan with a low interest rate that will cover all of your other debt. You will only have to worry about one interest rate and one loan repayment a month.
Whether it’s a bank blacklist or you need to clear your name from a blacklisted credit record. The steps above will help you start fresh in your finances.