If you’re in a pinch with your finances, you may think that you can simply take out a personal loan and pay off this debt while you sort out your finances, but are you someone who is blacklisted? You may not know if you are blacklisted, but if you are then you can no longer take out a personal loan, as these require a credit check. Being blacklisted will show up on this credit check, and will block you from getting the loan you need.
So how do you go about getting personal loans when you’re blacklisted? Unfortunately, the answer is – you can’t. That is, until you clear your name from the blacklist status. To better understand how one gets in the situation of being blacklisted, let’s take a closer look. If you are someone who consistently has been negligent in paying your bills for various companies and organizations than these companies have the option to have your name blacklisted. Don’t start having a panic attack if you’ve only missed one payment or were late on a few, this doesn’t mean you’ll be blacklisted. The distinction of being someone who is blacklisted is reserved for the blatant offenders who refuse to pay their bills at all, time and time again.
And don’t expect a letter to come in the mail, telling you that you’re now blacklisted. This is actually something that isn’t mentioned to you. How do you find out if you’ve been blacklisted? If you show obvious traits of someone who is blacklisted then chances are that the answer is yes – but what if you’re unsure? The way to find this out happens when you reach out to lending companies, looking for a personal loan to pay for your finances. Each and every personal loan requires a credit check, and this credit check will let the company know if you have been blacklisted, which they relay to you.
If you have a bad credit score, then it's highly unlikely that you will get a loan. Get your credit score first and see where you can improve.
Now that you have discovered that you are blacklisted – now what do you do? You need to begin the long journey to clearing your name from the blacklist, and this is not an easy journey. Unfortunately, if you’re ever planning to get a line of open credit or a loan again, then you’ll need to do this. Regardless of the reasons or excuses why you didn’t pay your debt, the fact of the matter is that you didn’t, and this is a mark on your name and your credit. If you think that simply paying off the money you owe is sufficient – then think again. This actually isn’t enough to clear your name from the blacklist. You need to work with competent attorneys who will be able to get your named removed from the blacklist, leaving you with bad credit for 2-10 years.
Once this is done you need to focus on keeping a solid financial budget and spending habits, particularly during this time where your credit is poor for the next decade or so. The best thing to do is to try and attempt to always pay bills on time to avoid this from happening again.