Nothing spells financial failure quite like getting blacklisted. Whether you had over-indulged on the convenience of accessible money or were simply forced to max out your credit card owing to circumstances beyond your control; you are not alone.
In fact, over 10 million South Africans are going through exactly that. It is for this reason that companies have started formulating and scouting solutions for blacklisted individuals.
Apart from the stress and uncertainty that comes with being over-indebted, blacklisted individuals often give up hope; thinking that it’s the end of the world. Rather see it as the beginning of a new journey or the next level of being credit active.
Here are some questions you might have with regards to being blacklisted.
Can I still be approved for loans or get finance?
Simply put; yes, you can. It might not be through traditional channels such a banks, but there are companies that finance blacklisted individuals.
FinanceWeb, for instance, serves as a direct link to such services. Through their website, individuals may apply for blacklisted loans up to R150 000 over three to 60 months.
Bad credit loans applied for online get approved on the same day.
They also offer blacklisted individuals vehicle finance up to R120 000 over 60 months and no deposit finance for cars up to 20 years old.
If you would like to dramatically decrease your instalments, a consolidation loan through FinanceWeb is the way to go. With this option, you can settle your debt – or portion thereof – with a single loan. The result is that you only repay one instalment and one interest rate. FinanceWeb offers consolidation loans up to R150 000 over 60 months.
Will I ever be able to get out of this situation?
With the range of services available from FinanceWeb, you definitely can. What’s more is that it is as affordable as it is easy.
Apart from the consolidation loan that can help you erase your debt in the long term, FinanceWeb also offers the following services.
Debt review – With this service, a debt review consultant negotiates lower instalments with your creditors which could bring monthly expenses down to 50 per cent. This process prevents repossession of your goods and there is no upfront fee involved.
End your debt – This service entails a voluntary surrender of your debt. This legal process prevents garnishee orders on your salary and stops all debits on bank accounts from creditors. In this process there are upfront attorney fees that can be paid off, and monthly instalments toward the curator of the court.
Both of these options are a sure way of getting out of your situation for good.
Does this mean I may never apply for finance again?
With both options above, you will be able to apply for debt again. The End your debt option, for instance, takes around two years and, after its successful completion, you will be able to start over.
While being blacklisted is undesirable and emotionally stressful, it is far from the end of the road. As seen above, there are still a lot of options and solutions to either improve the situation or obtain financial relief while blacklisted.
For more information on these and more services from FinanceWeb, visit https://www.financeweb.co.za/ or contact 0872366004