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What does being blacklisted mean and how can it affect your credit rating and ability to apply for financial service ?
A loan or any type of financial product which is not paid within the term of the repayment will go into a default .A default is basically a listing on the credit bureau that informs other loan providers that you have not paid your loan well as per the contract you signed . Such a listing can hinder your chances to qualify for any type of loan or finance.
At First, they hand you over to their legal collections department. The negative effect on your ITC at this stage is that you will be listed as a slow payer and your credit score will drop.
After a while if you still have not paid then the company will take start to take legal action against. You will be listed all the credit bureaus as an "Adverse listing”. This type of listing can remain on your credit report up to 2 years and will hinder your chances even further of getting financial assistance. This can negatively impact your life in many ways and can prevent you from getting further credit, renting a home, applying for certain types of jobs and getting your kids into top performing schools .
At this point if you still have not paid then the creditor will send you a final demand letter, and then they will proceed to issue a summon and obtain a judgment in court. This judgment will remain an order of court for thirty (30) years, and will be listed on your credit record for a period of five (5) years. This judgment can then be used by the financial provider to force you to make payment. The are 2 ways that they try to recover they money ,First if they find out where you work, they can then get the court to grant a garnishee order (emoluments attachment order) on your employer, forcing your employer to pay a prescribed amount of your salary to the finance house until the debt is settled. Secondly, if they do not manage to track your employer down or do not manage to get a court then the sheriff for the high court can visit your home with a writ of execution, and will write up all your movable possessions. If after this the debt remains unpaid, the sheriff can repossess all the write ups and then sell on auction, the money from this auctions will be used to reduce the amount owed to the credit provider.
If you have a default debt, you may already no of the process above. Besides it being a very unpleasant and entirely embarrassing experience one of the main problems that it costs you lots of money. All the legal costs are added to your account and your initial debt becomes higher. In addition to this you will also loose your movable assets and will loose the value of them. Typically on auctions items sell for less then 70% of its value. So if you stuff was worth one R100 000 you would of lost up to R70 000.
To avoid this happening to you:
- Pay all your debts , if you cannot afford it its best to contact the credit provider and make a payment arrangement for a
less amount per a month .Most companies are happy to do this as they are recovering their monies .
- No not ignore legal letters they will not go away
- Check that your ITC information is correct and up to date - All credit bureaus offer one free report every year.
- Do you not take on debt that you cannot afford.
Blacklisted Loans Information
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