What to Expect When You’re Blacklisted

Getting blacklisted is known to be an incredibly scary thing. It can be frustrating, demotivating and drastically affect your mental well-being, which is, in this case, is depression or living with anxiety.

When you’re not up to clue with something, you generally tend to experience more anxiety and feelings of helplessness than anything else.

Why is being blacklisted such a stressful ordeal, you might ask?

Well, thinking of not having the freedom to do things, such as rent a house, or perhaps even enrol your children in school seems like a terrible idea.

In the case of being blacklisted, it is essential, however, to remain completely calm and know that there is a solution to every problem. The best thing you can do is adapt your lifestyle and find a way to get your name in the clear again.

What Does it Mean to Get Blacklisted?

First, you won’t be able to make new credit or have existing credit to spend. Other than that, you’ll also find that it’s far more difficult to get a job if you don’t already have one, to begin with. Many organisations will run credit checks on you for many reasons, which will reflect your credit history and current blacklisted status.

Being blacklisted means that there are credit bureaus who take not of either your good or poor payment patterns.

If you’re bad with making payments, they tend to monitor your payment activity closely, which can lead to your accounts being placed in arrears when making late payments, a default when you have overdue payments that haven’t been paid in over six months, and a judgement ruled against you in the High Court.

Blacklisting Disadvantages

  • Service Agreements – If you’re thinking of signing a contract with either an insurance or cell phone provider, they will run credit checks on you, to check whether you’ll be able to pay their instalments accordingly. When you are blacklisted, you won’t be able to sign any service agreement.
  • Rental Agreements – Estate agents will run credit checks against your name, upon applying to rent a home. Being blacklisted, won’t allow you to proceed with renting a home, except if you can find a landlord or agent that will help you regardless of your credit status.
  • Lack of Employment – Having a bad credit record, and even worse being blacklisted, could prevent you from getting a job, as employers always check whether you have a bad credit history. Sometimes, a bad something as little as a bad credit score can also lead to them not processing your application for a position.
  • You Can’t Obtain Any Credit – Since most individuals practically live on credit, it’s incredibly difficult to think that you’ll have to rely on paying for everything upfront, without being able to get credit. It will, however, teach you how to not rely on credit, which will also aid in you moving forward from past mistakes with making too much credit.

Get debt counselling and debt review help from Credit Matters. Contact us today! 086 111 6197