Removing Blacklisted Loans
When you are blacklisted, it means that a judgement has been granted against you by creditor for non-payment of debt. This black listing means that you will not be able to apply for new credit and may have other severe implications on your life. Prospective employers run credit checks on all candidates before employing them. A bad credit rating or black listing will lessen the chances that you will be employed. It can be a very difficult and expensive process to eliminate your blacklisted loans. Most people need to employ a lawyer for assistance with all the legalities involved.
To remove a blacklisting, the judgment against you needs to be rescinded by the Magistrates Court. You need to repay your debt to your creditor and receive a letter from them stating that you have paid the debt in its entirety. You must then present the letter to the Magistrate and request that the judgment be rescinded. Once the judgment is rescinded, it is up to you to approach the credit agencies and have the blacklisted loans removed from your credit report. When the blacklisting is removed, there can be no history of the debt held by the credit agencies and your name will be cleared.
Credit agencies may only keep a record of a blacklisting for a period of no more than five years. Creditors must therefore take any action at their disposal to retrieve their money as quickly as possible. This can mean that they can send a debt collector to harass you or approach the court for an order to attach your goods. They can also request a garnishee order for an amount to be deducted from your salary every month and be paid directly to them by your employer.
To receive assistance or information on how you can clear your blacklisted loans and become debt free, please contact us.
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