Blacklisted? Get your credit rating back in South Africa by getting financial help. First of all, if you still have a lot of debt outstanding, you should consider debt consolidation if you are able to borrow money. Should someone carry out an ITC check on you they will be able to see that you are black-listed and trying to open an account, purchase a car, rent a house or anything else that requires borrowing will be impossible. However, if they do approve what you want, they will probably charge you a lot more and your interest will be higher. Counseling is also sometimes recommended, just to help you get through the financial stress that comes with being in debt.
So if you haven’t had an ITC check done, how do you know if you are blacklisted? Get your credit rating back by squashing all your debt and getting the financial help you need. With debt consolidation, you can borrow money to pay off all your debt and then the only debt you have is paying off the consolidation loan. This helps because then you don’t have to pay different debts, you will just have the one debt which makes your life easier and less stressful to deal with. Being blacklisted is no joke to deal with; it is difficult and makes borrowing somewhat impossible.
With a bad credit rating, you can eventually become blacklisted, depending on whether you get yourself into more debt after your rating has turned bad or not. Counseling isn’t always necessary, but it is sometimes advised. It just helps to be able to talk to someone about what you are going through, and when you can receive advice in return, why not? They will sympathize, advise and you will feel much better once you have had a few sessions.