If you are credit blacklisted, it means you are recognized as a person who will be denied certain services by the government. If you do not manage to consolidate outstanding debts in South Africa, you will be blacklisted.
When you are credit blacklisted, you will be denied the provision of acquiring certain assets. If you find yourself being credit blacklisted, don’t feel ashamed, as there is good news for you.
How Does One Get Credit Blacklisted in South Africa?
In South Africa, the Credit Reference Agency is known as the ITC. The ITC keeps track of all your loans. This credit you owe could be in the form of anything, such as a bank loan, a mortgage, a credit card, or even a store card.
The ITC has a record of every single account you have ever opened and maintains all the necessary details associated with the same. These include the name of your lender, the money you owe, money repayment history, and whether you have missed or delayed your payment.
If you have missed a payment or delayed it in the past, you will be “red-flagged.” This will definitely affect your chances of applying for any loan in the future.
However, the notion that being credit blacklisted prevents you from making any major purchase is flawed. You can definitely repair your credit history. Depending on the tenure of your being credit blacklisted, you can take necessary steps to repair your credit history and also attain your debt consolidation. This will help you liberate yourself from being credit blacklisted.
Being Blacklisted and Buying a Car- Is that Possible?
Of course, you can buy a car even if you are credit blacklisted. It may usually be difficult to get vehicle finance when you are credit blacklisted, but not when you approach the right people. There are financial institutions that can give you vehicle finance even when you are credit blacklisted.
Such institutions will not require your credit history to approve your finance. All you need to do is to fulfill certain conditions, such as submitting a few documents. After you have performed all the necessary procedures, you are welcome to get vehicle finance for yourself.
Are you blacklisted and looking for vehicle finance in South Africa? Earn-a-car might be your way to go.