In the first quarter of 2010 more than 8.59 million South Africans had credit accounts that showed deterioration. If you’ve been affected by the credit crunch over the past few years, you’re thus not alone. We have countless clients in the same position and understand how easy it is to become so indebted that you simply cannot make payments on time and even have to default on some. We offer a range of credit clearance solutions to help you get out of the debt spiral and back into a state of financial independence.
How to prevent getting a bad payment record:
- Make regular payments and do so before the 7th of each month.
- Always keep creditors up to date regarding any address changes.
- Don’t ignore legal documents or any letters from creditors.
- Make arrangements with creditors when you will pay late rather than waiting for them to call.
- If you have defaulted on payments, negotiate payment terms.
- Don’t sign any admission of guilt and debt owed documents before getting legal guidance.
Credit Bureau Listings
Understand that should you not inform your creditors about address changes, they can eventually list you as “absconded” at a credit bureau. Listings range from administration orders to garnishee and rehabilitation orders, Adverse and judgment listings make it almost impossible to function economically in society. Adverse listings stay on record for three years, administration orders and sequestration orders for ten years, and judgments for five years. We don’t get that old to wait for some day and with most people having children, getting college loans for them will be almost impossible if they don’t make use of credit clearance solutions as offered by us.
It’s a process whereby an individual with a monthly income is placed under debt review and cannot take out loans or buy anything on credit until their debt has been repaid in full and they receive a debt clearance certificate. While under debt review the creditors may not take any legal action against the individual as long as the individual makes payments every month at the scheduled dates. The individual gets lower payment terms and can thus have more money left to pay for day-to-day expenses.
The only problem with this credit clearance solution is that many landlords, real estate agents, and employers check the ITC listings of people and simply decline applications because they see the individual as a risk. If your situation has reached a critical point then debt review can help, but do know that it comes with financial freedom restrictions. If you can clear your name in another way you should. If you’re not yet under debt review and want legal assistance in negotiating lower payment terms and avoid the debt review process, we suggest you give us a call for immediate help.
How to clear your name
Make use of our affordable legal services and enjoy the freedom that comes from knowing that you can apply for a job without the fearing ITC checks.