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Thread: Will i get finance after Debt Couselling? Answer : NO

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    Will i get finance after Debt Couselling? Answer : NO

    i have been under debt couselling for 24 months and after getting a better job, i decided to cancel it so that i can get credit again. Guess what: i went thouth the worst nightmares ever. Right now , im debt free but no one is willing to give me credit again, and the main reason is because my credit score is extremely low and poor payment profile

    The time i was under DC i was not checking my credit report and recently, i decided to check it and found out that creditors have extremely damaged my credit profile due low installments they receive from distribution agencies. Now wherever i go (banks) trying to get credit , they tell me we can see that all your accounts are paid up and you are debt free, no default , no judgements but your 24 months payment profile shows that you were not paying, you have been in arrears for more than 20 months.

    i logged a call with credit bereaus trying to fix this mess and was told , we cannot delete your payment history, we can only update your accounts as paid up, or closed. i also logged a call with ombudsman and i was also told that my payment profile/history cannot be removed, it can only get updated as closed/paid. and was advised to wait for rention period. Now if you are debt couselling, note that it will never be easy for you to get finance again...i regret going under DC

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    Diamond Member AndyD's Avatar
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    Your eagerness to get back into the credit cycle that it took you so long to get out of is worrying. Why would you want to get back into debt again so quickly? The banks will quite rightly be very cautious about lending to you again without a guarantee or collateral in such a short space of time of your debt counselling ending. The debt counselling isn't the reason they don't want to give you credit, the fact you borrowed previously and couldn't make the repayments as per the terms of the credit repayment schedule is what's making them skittish.
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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Mike800 View Post
    im debt free but no one is willing to give me credit again, and the main reason is because my credit score is extremely low and poor payment profile
    If you're feeling aggrieved by this - Success is the best revenge.

    At this point:

    Pay all your bills on time.
    Start saving.

    From there, things will start to fall into place.
    The trouble with opportunity is it normally comes dressed up as work.

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    Good advice gentlemen.

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    Email problem ABCAB's Avatar
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    I am not presently under debt counseling as I have managed to keep the wolves off my back and come to agreements without "professional" help. I had heard some bad stories about debt counseling companies that stole peoples money and never made any payments on behalf of the client. So by flinging phrases like "according to the credit act you guys should no better, now here is my offer.......".

    I don't think your bad record comes from debt council, but the account holders that have given you up as slow or bad payer. I had to sell a house a few years ago as I was just over a month in arrears for about 6 months. Just as a sold the house, I also landed a very good contract and paid the full debt to the bank. They had however got a judgment against me and the record stands 5 years down the line.

    So I am screwed either way to get credit for a while, but I must say that every time I get another account cleared and I see the total debt outstanding getting just that little smaller, I get more and more weight lifting off my shoulders. The feeling of relief is nice and I can't wait to get it all out the way.

    The bad record will be a great excuse to keep from spending what you don't have. A lot of people like showing off what they have, when I see more and more, they are actually only showing how deep in trouble they are and how much they owe the bank.

    I have very little left at the moment, but life is simple and uncomplicated. I have always believed in doing things myself, so a new car is out for me, I can't work on these new things and they cost way to much to have fixed. The small place we live prevents me from accumulating rubbish that I never get to use and just takes up way to much space.

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    Diamond Member adrianh's Avatar
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    @ABCAB - just keep at it... So many people define themselves by "stuff" - the BMW, the big house etc...The problem is that they actually define themselves by their ability to get credit, nothing more. I take my hat off to the guy who drives a paid for BMW and lives in a paid for house, for the rest all I can say is this - when the $h_t hits the fan and you have to make do you will quickly see what is really important.

    You must also remember that just as the little guy gets into trouble, so does the guy with lots of money. The only difference is the number of zeroes.

    So David, I know where you're at and I know how it feels, but see it as a hard smack on the head that you can recover from. Like learning to walk again after losing your legs, you could end up running like that Blade Runner dude - ( No I'm not one of those art of positive thinking RA RA types, but I know from experience that falling down hard and getting up is possible - hard, demoralizing, but possible)

    Another great side effect is that the kids learn to save and they learn the value of money. It's amazing how much value a kid can get from a library when there's no money to go to the mall.
    How easily someone is offended is directly proportional to how stupid they are.
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    Email problem ABCAB's Avatar
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    Strange you mention the kids. I was looking after 4 ( one of mien and three of my Fiance). When the brown and smelly hit the fan, they all thought I was the idiot and thought they could do better on there own. So off they and now they experience first hand whats out there in the real world. I took the opportunity to move from a 4 bedroom house to a one bedroom flat so that they could not come back

    That seems to be one of the best life lessons I have been able to give them. Actions speak louder then words, and no matter how much you talk, they will never learn as much or as quickly than when they have to do it on there own.

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    Ok here is my question...what are we to do once my husband's debt review is paid off and we're maybe perhaps hopefully in a position to buy a house? (We're renting now). Will we not be able to buy a house because of this? And for how long?

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    when they came to repo my wifes car a couple of months ago...which is now owned by her and no longer the bank..thank goodness...i enquired about the repo and was told by the person that wanted to take the car that wit the new laws apparently they cannot stop you from getting credit if you can prove you went thru difficulties ( i am not sure of the details) at the time of your bad credit...if you are just a bad debt and dont pay your bills on time...you are scr*wed...i dont know if he was just spinniing me a story to try get me to release the car which had only a couple of months left to pay at the time.

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    Email problem ABCAB's Avatar
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    I have another question... Can a vehicle for instance that is sill under HP, be repossessed for another debt. NOt sure if that came out right. What I am trying to ask is this. Everyone knows my situation with FLexi club. Can they now arrive and take my car that is presently still under HP with ABSA Bank?

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