Question:
I got myself into financial trouble and cannot seem to get out. I now have a bad credit record.

Can you help, please?

Answer:
If you go into Iafrica.com’s archives in ‘Personal Finance’ you will find many articles on the subject of debt management.

In order to fix your credit record you need to settle any debt with creditors that have blacklisted you. If you have received adverse reports for slow or missed payments you need to catch up your arrears and stop missing payments.

It will take up to three years to get back on a solid footing, but every month you keep your payments on schedule will help.

If you have a judgement against you, you will need the help of an attorney to remove it from your credit report. This is called a ‘rescission’. This can only be done by court application.

The key is to stop spending, cut back on as many expenses as possible and start tackling your arrear accounts. Don’t run away from your creditors, but tell them what is happening and maybe they will give you an extension on the repayments.

Log on to www.loganattorneys.co.za for more information.