If you are suffocating due to debt and afraid of asset loss, there is hope. You can have a negative listing revoked. Finances are the core of most problems that people face every day. The situation is made worse if you can’t get help through access to credit or some way of temporal financial aid. In South Africa roughly more than 2 million people are blacklisted. 17 million are credit consumers. This means the way to financial freedom is not easy for the working majority of the country. When you are unable to pay, creditors will place a listing on your credit profile with the credit bureau. Getting credit will be a serious challenge for you. Application for loans or accounts will be declined.
Did you know that a negative status on your credit record can stay up to 5 years by law? It’s clear that no one ought to be negligent when it comes to issues of credit. Financial prudence must be exercised when taking credit. As difficult as it may be to settle debts on time, its best done so that you won’t end up having judgment passed on your credit. Loaning out cash is simple, but the issue comes when it’s time to pay it back in the long term. Getting approved takes 15 to 30 minutes. But paying off the loan will take months. Depending on the type of loan you request, you may run out of steam to pay your debts. It’s crucial that you have disposable income to see you through every month, so that when cash is needed in an emergency you are prepaid. Continue reading
A guide to remove the Default/Adverse listing(s) from your credit records.
Before the year 2007, consumers had limited rights. Companies used this limitation to their advantage. Things changed to better the consumer powers through the National Credit Act 34 of 2005 when it became law in July of 2007. Since the Act consumers have been slowly getting acquainted with their rights. The National Credit Regulator worked tirelessly to ensure that all credit providers and credit bureaus are informed with the law and rights consumers have. But there are still credit providers that are exploiting the consumer’s lack of awareness and purposefully transgress the law.
Conditions under which a Debt Review can be Terminated and Removed from your Credit Bureau Profile
- Unsettled Accounts under debt review
An order of court debt review can only be rescinded by the court where the debt review originated. Meaning you can only do it thought the court by an application to the same court the review was made. Payments of installments will be made directly to the creditors when the debt review is rescinded. You can negotiate terms of payments with your creditors. When a debt review was not made an order of court, you should make an application to court and state your financial position stipulating that you are not in debt.
Approval or Declining credit application is not solely based on Your Credit Profile. All Credit Providers in South Africa have structured own risk classification, risk management according to their business operational model. Credit providers employ different standards from Credit Bureau Score system and thus they usually have their own standard for a credit profile score. With that said, every credit provider is legally bound by the National Credit Act to check your Credit Profile before credit is given to the consumer. Also when credit is given, it is by law that the credit provider has to log in your details, the amount of credit requested and the duration term of payment.
You can check your credit online which is a fast and convenient way to see if your name has not been blacklisted. If you have been under a lot of financial pressure and have missed a few payments here and there then it’s a good idea to check your credit and ensure that you name is in the clear. If you find that you are blacklisted then it will affect your opportunities in getting any additional credit in the future. Continue reading
Benefits of Online loans
When unexpected costs arise, such as an emergency medical bill, having access to instant online loans in South Africa can be ideal. The rise in popularity of micro lending institutions has also made online loans a popular choice for many people looking for fast access to cash.
In today’s highly competitive world, many borrowers have the privilege of being able to apply for a loan in the comfort of their own homes. Online loans are also generally available 24/7, which makes it easy to access them at any time of the day. All individuals need are reliable computers, access to a secure network and knowledge of which lender to choose.
There is nothing more frustrating than being declined by a credit lender for a personal loan. Many people find themselves in this distressing situation which can leave many rather despondent. We all find ourselves a little desperate for a financial solution in these grim economic times. At times when you find yourself rejected by a credit lender they won’t inform you of the specific reason as to why they do not want to approve your loan but do not be disheartened because through our extensive experience in the credit industry we have come to know that there are many other credit lenders who are willing to approve your loan.
Simple guidelines to improve your bad credit record
Having a bad credit record can be problematic is numerous ways. It’s no secret that being blacklisted can be a hassle, but it doesn’t mean that you can’t improve your credit record.
Buying a new car can be an exciting process. The reality however, is that getting to buy the car you’ve been dreaming of is often a luxury available to those who can afford the costs that come with owning a new car.
Before you sign on the dotted line you need to familiarise yourself with a few facts. Buying a new car means that you need to be savvy and you need to as much research as possible.