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A Fin24 user is stressed because of missing a payment on a clothing account. She writes:
I have failed to pay my Truworths account. Can this affect me studying at higher institutions?
I am an undergraduate student. Help I am stressed!
Renée Marais, and independent debt counsellor NCRDC1780, responds:
If you have failed to pay your Truworths account only once, please just make a double payment the next month.
If, however, you have failed to pay the account on a regular basis, you need to urgently contact the creditor to make arrangements to start repayment as soon as possible.
This is because any arrear accounts may be listed on the credit bureau, impacting negatively on your credit rating.
If you do not make arrangements to catch up the arrears, the creditor is allowed to take legal action and that may result in a judgment against your name.
To remove a judgment is costly. You will need to pay off the money owed, the legal costs of the creditor and a lawyer of your own, whose fees you will be responsible for to remove the judgment from your name and to clear your name at the credit bureau.
If you are looking into obtaining a loan to further your studies, this might have a negative impact.
- Fin24
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