Paying off debt with a loan

Question
I am in arrears/blacklisted – can I get a loan to pay off my debt?

 
Answer
When you are in arrears or blacklisted, it reflects negatively on your credit report at the credit bureaus. This means that your payment record is bad with your credit providers and you cannot afford to pay back your debt on a monthly basis due to being over indebted. When applying for a loan, the credit provider has a scoring system, where they check your affordability as well as your payment profile on the credit report. Due to this reflecting negatively, your application for a loan will be declined. Giving you a loan could put you in a worse situation financially.
 
Expert
Melissa America
Debt Consultant Manager
IDM - Intelligent Debt Management

Telephone
021 4811736

Email
melissa@debtbusters.co.za

Web
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