# Regulatory Compliance Category > National Credit Act Forum >  Will i get finance after Debt Couselling? Answer : NO

## Mike800

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

----------


## AndyD

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.

----------

BusFact (30-Jul-11), Perform Computers (30-Jul-11)

----------


## Dave A

> 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.

----------

BusFact (30-Jul-11), Perform Computers (30-Jul-11)

----------


## Perform Computers

Good advice gentlemen.

----------


## ABCAB

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.

----------

AndyD (30-Jul-11), BusFact (31-Jul-11), Dave A (30-Jul-11), wynn (01-Aug-11)

----------


## adrianh

@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.

----------


## ABCAB

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 :Whistling: 

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.

----------


## NSReeders

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?

----------


## murdock

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.

----------


## ABCAB

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?

----------


## Justloadit

Hi David,

The answer is no, since the car is not yours until you have made a final payment.

----------


## murdock

they cannot touch anything unless they can prove it belows to you in full and final payment...and they cannot take your bed or fridge even if it is paid off.

i had the sherrif arrive to attach goods because i apparently didnt pay a tv license for a couple of years...he couldnt touch a thing because i was renting...and sharing the house with another person...and everything belonged to the other person...i did however have to go to the cop shop and fill out an affidavid stating that i had left my tv to my ex in the divorce agreement and had not purchased another one in the past 7 years.

----------


## ABCAB

Thanks for the replies, I thought as much. Seems my only "asset" I have left when the guys want to come claim my goods, is a certificate stating I have nearly 60K worth of timeshare points. As it is Flexiclub wanting my assets in the first place, I think it is a fair swop. I offered the points block to them when the account was only about 5K in arrears, but they refused. Now they want me to appear in court in Durban, after which they will be sending "someone" to fetch goods to the value in my house. The debt is now at around 24K.

Lets not even get started with the TV license. Two years ago when my company went turtle, I had a lightning strike that took out three of computers, my TV and hifi... As insurance is the first thing you stop when times are tough, I could not have it replaced and I had just moved and had the benefit of my friends TV. When I tried cancelling my license, my first obstacle was that I was told that I was white and that I have to have a TV. Three months the debit orders carry on going off my account. Even trying to stop them at the bank, the amounts change and the bank can not stop it in time.

I then closed the bank account so the debit orders could not go through. Three months later I get a sms that I owe R800. I call to find out that this is for penalties for a bounced debit order in 1996 :Rant1: ... How can you not double debit for R22 in a period of 12 years or send a sms or letter when the account is R22 in arrears.

Now two years down the line, the attorneys are involved, I still don't have a TV and the debt has gone to R1800. They say they can issue a garnish order on my salary, I hope they will be finding me a job so that I can have a boss that they can do this to.

Now the clincher. I have been asked to get affidavit stating that I am unemployed, but in this little town where every one knows everyone in the Free State, they refuse that I do this as they say they see me doing odd jobs here and there in town and that I do have an income of sorts.

My Girlfriend has the same problem as she does part time dress designing and makes the odd wedding dress and matric dance dress. She had a turnover of money in her account and made a wopping R1500 last month. So sorry, but you are gainfully employed :Banghead: .

Ok I am feeling better again, :Chair:  it helps to vent these frustrations every so often....Sorry guys  :Blushing:

----------


## AndyD

The position you're in isn't uncommon, you're saddled with debt that you could possibly fight your way out of with legal assistance but you can't afford a lawyer.

----------


## Dave A

> They say they can issue a garnish order on my salary, I hope they will be finding me a job so that I can have a boss that they can do this to.


 :Rofl: 

Seriously though, the next time they threaten to go to court, say "please, let's do that. Get that summons off right now. I can't wait to get this in front of a judge."

Just make sure you give them written notification of the address to serve the summons at. You wouldn't want to miss the court date.

----------

