Avoid being Blacklisted

Avoid being Blacklisted
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Avoid being Blacklisted

There are plenty of people who use credit every day. There are some that only use it for cars and houses; others use credit for furniture and clothes and some use credit for their day-to-day purchases.

If you are someone that uses credit then you will be familiar with the term blacklisting. So what does it mean to be blacklisted?

There is not some sort of list that has everyone’s name on who has been blacklisted, but it is a term that isn’t officially used by credit providers.

blacklisted
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The term blacklisted means that your credit provider has negative information about you, which may stop you from getting credit in the future.

The negative information that they have may indicate that you have missed a payment or that you are late with paying for something. This though can grow and it could mean that you end up in court, being prosecuted for not paying your debts.

If you have been blacklisted then you are most likely not able to get credit from a traditional financial institution like a bank. You may also find that you are denied access to business financing and any other credit from a credit card provider. The worst part though of being blacklisted is that you may find it hard to get a job. There are many employees that will not hire anyone that has been blacklisted or has filed for insolvency.

As there are severe consequences of being blacklisted, it is important that you do not get reported to the credit bureaus for being a bad payer. There are ways that you can avoid being blacklisted. Here is how you can stay on the good side of your creditors.

All your installments that you have agreed on should be paid and on time. If you are unable to pay on time then you should inform your creditors.

You need to speak to your creditors openly and honestly. If you are not able to make your payment on time, then call your creditors and tell them about it. Creditors are sometimes willing to give an extension or allow a late payment on occasion if you usually pay all your payments on time.

If you find that you are struggling to pay your current debt, then do not take on any more debt.

It is also a good idea to limit your lifestyle and try and spend less.

 

Fast Cash 2015 Budget plan

Fast Cash 2015 Budget plan
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the Halaal Piggy BankMan holding piggy bank. Shallow DOF

excuse the irony..
Your savings and position should be transparent

Ensure you do not under budget. A month usually has 30 days. In that time there will be expected costs

example: you expect to buy takeaways. Infact you “expect” to purchase takeaways 5 times and maybe you have allocated money for that.


Just know, you may infact end up spending more on those 5 occasions if prices go up or you have more company.

The Unexpected should be expect, and when it doesn’t happen, your concern for damage limitation to your budget will only benefit you the next month


Remember with a Budget, we aim to make the future easier.

At the same time accounts we pay off is geared to make the future easier. All because in the past you wanted something for the present, which will only be paid up in future. A smartphone for example.


How to get blacklisted?

This means the product is worth x. You get it and pay over 2 years and end up paying more than you should. This is all well and good as yes its a gamble. You accept something now, as its advance is worth paying for. But as soon as we welcoming many “higher purchase” transactions (i take now and pay later), eventually the interest accumulated and the term of the payments may consume all your spare cash and often result in how people get blacklisted