Sunday, December 6, 2009

Procedure of a rescission of judgement

If you follow all the steps correctly the procedure of a rescission of judgement ( is quite easy to understand. You would only be entitled to apply for the rescission of a judgment that was granted against you if the other side consents thereto in writing or, that failing, if you can show that at the time that the judgment was entered, you were not in wilful default and that you had a valid and bona fide defence to the action instituted against you. You get consent for rescission of judgements

If you get such consent it is a relatively simple matter to have the judgment set aside. In most courts you have to bring a substantive application to obtain the rescission. In that case, you will have to use an attorney who will charge you about R1500 plus VAT for his services. In other courts, all you have to do is get a rescission of judgements form from the clerk of the court, take it to the creditor to sign and then take it back to the court. They will then rescind the judgment on your behalf at no cost to you. You don't get consent for rescission of judgements.

You can successfully apply to court for a rescission of the judgment only if you can show that at the time that the Judgment was entered, you were not in wilful default and that you had a valid and bona fide defence to the action instituted against you.

Removal of trace alert.

When people talk about the removal of a trace alert it is a colloquialism for a removal of a credit default. For removal of trace alerts( it is important to know the following: Trace Alert listings remain on file for three years, and if you really owed the money, there is nothing you can do to have them removed, even if you have now repaid the debt in full.

Your only real hope when it comes to removal of trace alerts then lies with the office of the Credit Information Ombudsman. But he can only order the early removal of trace alerts if you meet all of the following three criteria: You defaulted due to circumstances beyond your control (such as retrenchment, or your business went into liquidation);You showed an intention to honour your debts and communicated proactively with your creditors; and you have been rehabilitated (paid the debt in full).

For more information of removal of trace alerts go to:

Removal of Notices

This article will explain removal of notices ( Notice information includes statutory judgements i.e. a Sequestration or Administration Order. These are issued when a consumer cannot pay or administer his/her debts. To qualify for removal of notices: A consumer that has been sequestrated may be rehabilitated. Similarly, a person under Administration can pay up his/ her debts and the Administration Order is then rescinded.

It is important to remember that when it comes to removal of notices: Sequestrations will remain on record for ten years unless the consumer is rehabilitated. The sequestration is removed and the rehabilitation notice will remain for a further five years thereafter. Administration Orders are recorded for 10 years unless rescinded in which case the Administration Order is removed. For more information on removal of notices please go to:

Monday, November 30, 2009

Need Help Blacklisted

There are a few blacklisted companies in Johannesburg . Companies get blacklisted when they cannot pay their credit. This happens surprisingly often and blacklisted companies in Johannesburg often go under as they find it difficult to obtain credit. The government has two types of blacklisted companies, those who have repaid the credit and those who have not. Retail companies and banking institutions can find blacklisted companies Johannesburg at a click of a button. There are credit companies that will loan blacklisted companies in Johannesburg credit, usually at a high rate of interest.

For more information please go to

Tuesday, November 24, 2009

The slang term blacklisted and what it means:

In South Africa there is a well known general slang term being blacklisted. The truth is that there isn’t really such a list called Blacklist. The term or the slang term Blacklisted refers to credit active consumers or persons who, for one reason or another, have defaulted on an agreed credit agreement with a credit provider. As soon as a credit judgment, default or trace alert have been loaded on the consumer’s credit profile held at the various credit bureau you are so called blacklisted.

The next time the credit active consumer who previously defaulted on these credit agreements apply for new or extended credit facilities the new credit application will be assessed and an enquiry with the credit bureau will be done in order to assess the affordability and profitability of the application. The credit bureau will release the report with your signed consent to the credit provider who will instantaneously see that you have defaulted on past credit agreements and decline the new credit application.

Any of the following will classify the credit active consumer as being blacklisted.

· Credit Judgments

· Defaults

· Notices

· Trace Alerts

· Poor repayment history (Pay one month , skip the next etc)

· Low emperica and delphi credit scores

Having adverse information on your credit report classifies you as being blacklisted. Contact us today to remove adverse information and to improve your credit score.

Friday, November 6, 2009

Debt consolidation companies Johannesburg

There are many debt consolidation companies Johannesburg ( A debt consolidation company in Johannesburg will help you organise you credit and make it easier for you to pay back your debts. A debt consolidation company Johannesburg will look at your credit profile and see what kind of payment process will be beneficial to your financial health. It is important in debt consolidation that you can afford to pay back the loan once your debts have been consolidated. Contacting a debt consolidation company is the first step in making debt a thing of the past.

For more information please go to

Home loans

Applying for a home loan ( is an important step in anyone’s financial life. Banks will offer you a variety of home loans to suit your needs but another route to go are credit companies who try to be as competitive as possible by applying to as many banks as possible. Before applying for a home loan it is important to know how long you want to be paying the home loan for, what kind of interest you can afford and what kind of deposit you can afford to put down. Once you have considered this and set a budget you are in better shape to approach a bank or credit company for a home loan. Home loans are one of your biggest expenses so it pays to choose your provider wisely.

For more information please go to