Blacklisted – In need of help?
The term “blacklisted” is out of date and redundant! The credit bureaus only listed negative or disapproving information about a consumer’s credit behavior before the 1980’s.
The history behind the word was that creditors would keep an actual list, referred to as a “blacklist”, of names of consumers they believed to be untrustworthy or a high risk to the credit provider. Hence, the origins of the expression, “blacklisted”.
What does ‘Blacklisted’ really mean?
Influenced by foreign trends, credit bureaus are now obliged to disclose both positive and negative information about credit users in the form of their history of repayment upon an account. This has enabled improved access to credit. Creditors now look at your repayment trend and not a statement declared on your credit profile such as “poor payer”.
Were you under the impression that the credit bureaus only kept records of negative information on a consumer? Not true! Maybe the fact that the word is actually obsolete may be news to you, but on average 60% of the information kept by a credit bureau is positive; and this is based on your repayment trends which are in fact influenced by you and nobody else. Therefore if you skip payments or pay late, such is reflected on your credit profile.
Then again, you may be part of the 40% who have negative information listed under their credit profile, but remember what we just mentioned above, about “you” being ultimately responsible for the information that reflects on your profile.
Blacklisted Loans – What are they?
You may have come across blacklisted loans, if you’re one of the unfortunate many who have a bad credit rating, while searching the internet for a quick fix after being denied credit by all of the reputable banks.
Now you may be thinking about taking this route as you might owe rent and stand to be evicted, or you may need money for a car payment and scared the bank might have it repossessed. Perhaps you’re toying with the idea of a blacklisted loan because you’re in denial over the un-sustainability of your lifestyle. But you just that new car you’ve been eyeing out, despite being on the brink of over-indebtedness and battling to make ends meet..
SA Consumers The World’s Top Borrowers
Whatever your motivation for looking into this option, and let’s be honest here because people willing to lend you money if your blacklisted should be setting off alarm bells, you need to be aware that the advantages of the Debt Review process far outweigh those of a blacklisted loan.
Consider recent statistics, revealing the fact that South Africans were rated as the world’s top borrowers in 2014…doesn’t that tell you something about our economy? What about the inconvenient truth that there are more than 22.5 million credit impaired consumers in our country! That’s a fantastic amount of people taking out credit; and not paying it back, it’s literally destroying our economy but the government doesn’t want to assist consumers.
The reality is that it isn’t always the consumers fault, credit providers are a huge part of the problem and they know it. These days you can read on the internet, social media or open a local newspaper and find articles and headlines about creditors reckless lending and unlawful garnishee orders being
SEEK OUT A DEBT COUNSELLOR!!!
Speak to us about Debt Review
On the other hand, you don’t need to be an economist or be stupid to know that history often repeats itself. Thus, we at OUDS strongly advise you to speak to us about Debt Counselling/Debt Review.
Think about it, it was a loan that got you into financial hardship in the first place, so another loan get you out, it will only sink you further into trouble.
If you ever take a look at a standard credit agreement you will see it outlines that you are required to pay a certain amount installment by a specific date of every month. This means that if you do not make the payment you are in arrears and possibly in breach of the credit agreement.
In such an instance, it’s advisable to approach your credit providers to make arrangements, “if” they will listen. On the other hand, if you’ve skipped several payments seeking out a Debt Counsellor is the first recommended recourse.
Oyisa can help to rehabilitate your credit record by negotiating with your credit providers for more affordable installment amounts and reduced interest rates. This will enable you to settle all of your debts and receive a clearance certificate clearing your credit profile in the process. This will remove all of the negative recordings on your credit bureau report. These advantages only come exclusively with the Debt Review process, which also provides legal protection against credit providers acting out of turn.
Make the right choice and give yourself peace of mind, contact Oyisa United Debt Specialists right now. Our website has everything you need to know about how the Debt Review process works.
FREE CREDIT CHECK
Speak to us today and OUDS will contact the credit bureaus and request a copy of your credit profile report. The National Credit Act entitles every consumer to an annual free credit report, this will help us to establish whether or not the information documented on your credit profile is accurate and correct.
If any of your listed profile information is incorrect or negative, OUDS will arrange for it to be removed immediately. As such, you will no longer be “blacklisted”, or more accurately speaking, your credit profile will only reflect positive information.
With over 11 years of specialized experience in the debt & legal field Oyisa United Debt Specialists is committed to assisting South African consumers in financial liberation.