Not sure how to choose the right debt counsellor? Read This. If a consumer is struggling to pay their debt back and this is causing stress and anxiety, we recommend speaking to a debt counsellor. Often consumers think that a consolidation loan is the answer to debt problems, but these only work in specific situations.Ĭlick here to see what Transunion – South Africa has to say about being blacklisted in South Africa. This could only make the problem worse, not better. If one cannot get any more debt because they currently have too much debt it is not wise to try get another loan. If you cannot get any loans or use more credit you must try to improve your credit status. There are a number of remedies for consumers who have low credit scores. Actually they just fail to meet the minimum criteria to take a loan for a credit provider. If you think you are blacklisted, this is what you can doĬonsumers think they are blacklisted when they are unable to take out any more loans. Often it means your credit score is low and you are too risky to lend to at that point in time. This does not mean you are on a list or a credit provider has blacklisted you. So, if you are applying for debt and being declined, it is likely you are not qualifying. Failing to pay back arrears and short payments.Using lots of available debt in a short period of time.Making lots of debt enquiries in short space of time.Using too much debt relative to your earnings.A credit score could be low for a number of reasons, these could include: This is what is known as being on the blacklist. If you have a low credit score and bad credit history you would struggle to get new loans. Your credit history and credit score determines whether you can take out more debt, not a list. It is not possible to look at a credit report and say that a person is blacklisted – this is not how it works. What does blacklisted mean and how does it work? An actual list does not exist and there are no strict, hard and fast rules to becoming “blacklisted”.
This often prevents them from taking out further debt. Being listed on a blacklist is commonly mistaken for a formal and controlled mark on a consumers credit report. Many consumers think that they are on some sort of blacklist. Everyone has heard of someone being “blacklisted” before.
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