Credit Difficulty

Are you battling to finance a car because you’re Credit Blacklisted?

Many people don’t realize that they are in debt/credit difficulty until it’s too late. Being in debt can lead to being blacklisted by authorized lending institutions thus making it very difficult to acquire loans. Even an insignificant, missed credit card payment from five years ago could inhibit your ability to apply for a home-loan or vehicle finance. Below are a few questions you can ask yourself to find out if you are in credit difficulty:

  • Are you usually late with monthly payments – telephone bills, electricity, water etc?
  • If you were suddenly out of a job would you be in immediate financial difficulty?
  • Do you have frequent calls from banks and other lenders about outstanding payments?
  • Have you withdrawn money from fixed accounts (retirement fund, university fund etc) to settle outstanding payments?
  • Do you miss regular medical and dental assessments because you can’t afford them?
  • Do you pay your credit card off on a budget payment option?
  • Do you regularly use credit card cash advances to settle outstanding payments with creditors?

 

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If you answered ‘Yes’ to the above questions then you are most probably experiencing some kind of credit difficulty/debt. Filing for bankruptcy is not the immediate answer to your financial problems and should only be considered as a last remaining option. Although many consider filing for bankruptcy to be the easiest way out, it is not for a number of reasons:

  • Filing for bankruptcy can stay on your credit record for 10 years
  • You will have trouble getting credit and if you are able to the interest rate will be high
  • It will be difficult to get any kind of loan

If you are experiencing financial problems and are unable to get vehicle finance because of your blacklisted status then contact Earn-a-car and we’ll have you on the road within 24 hours of meeting our criteria.