• SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

  • Platinum handshake

    Officials who try to do what's right risk far more than blessed wrongdoers, says Solly Moeng.

All data is delayed
See More

Bad credit record blues

Nov 20 2012 15:06
A Fin24 user writes:

I am facing financial difficulties at the moment due to a partnership that has gone sour.

My husband and I own a property with enough equity to register a further bond. I have also started my own business a year ago and it is doing quite well.

We need working capital to expand, but owing to bad credit record we cannot get finance anywhere.

Where can I go for some expert advice to solve this problem?

Thinus Nortje, director at HTN Attorneys, responds:

Due to the fact that you have a bad credit record, it will be almost impossible for you to obtain credit anywhere.

However, I would suggest that you obtain a credit report first, if you have not done so yet. You are entitled to a free credit report every 12 months from any of the credit bureaus, the major ones being Transunion, Experian, Compuscan and XDS.

A credit report will allow you to see exactly what your credit record looks like.

It is also important to check whether you have any judgments or defaults listed against you. If there are judgments listed against you, you will have to get these rescinded.

You can apply for rescission by consent from the credit provider, but only once the debt has been settled in full.

If you have only defaults listed against you, I suggest you make contact with those credit providers and arrange for the debts to be settled as soon as possible.

Once you have done this, the credit providers can give you letters confirming that these accounts have been paid in full. They will also update your profile on the credit bureaus, although the defaults will remain for two years from the date they were first listed.

This way you may be able to obtain finance, but remember the discretion still lies with the credit provider.

 - Fin24

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

* Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

credit record  |  money clinic


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote