Real Estate Investor Magazine South Africa July 2013 | Page 32

FINANCE

BY NEALE PETERSEN

Get Yourself Off
The Blacklist
Part

2

What to do when you’ve been blacklisted

F

ollowing on from last month’s article on
how to deal with debt and get yourself
off the blacklist, we take a closer look at
how you can go about removing a judgment
against you.

Step 6 - Rescinding an administration
order (notices)
a. If you are in a situation to settle your debt
faster than the current administration order –
then get a list of the credit providers who are
included in your administration order
b. Compile an affidavit stating your reasons to
cancel the administration order. Your reasons
need to be convincing enough to prove your
ability to independently pay creditors.
c. Show that your f inancial situation has
improved since you applied for administration.
Ideally, in your affidavit, include a budget that
you have drawn up which shows your income,
expenditures and also a surplus that proves you
would be able to pay your credit providers.
d. Once your case is heard in court and you
gain a favourable outcome, the court order can
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July 2013 SA Real Estate Investor

be presented to credit bureaus for removal of
the listing.
Unfortunately, it takes a little more time
depending on what it is you are trying to clear.
If there are court processes involved, it can take
up to 3 – 4 months. The credit bureaus however
do have a duty to remove adverse information
from the ‘blacklist’ within 20 days after they
have received a rescission order.

Step 7 - Removing a judgment
against you
It is important to establish which court has a
record of the judgment as you have to apply to
the same court to have your name cleared.
Normally if judgment was given, it would
be clearly indicated on the credit report. If not
clearly indicated and you are doubtful, it is a
very good idea to find out. You could always
contact the credit provider to make 100% sure.

The steps
a. Get an attorney who specialise in this type
of work or if you cannot afford such attorney,
then talk to an attorney through a free legal

clinic to understand the judgment. Institutions
include Johannesburg University Law Clinic
(011-559 6506), or the Stellenbosch Law
Clinic, (021-808 3600).
b. Request the Outstanding Balance Statement
(OBS) on the account owed from the creditors
who brought the judgment against you.
c. Once you receive the OBS, you can negotiate
a settlement amount in order to get consent for
rescinding (cancellation) of the judgment.
d. After paying the account the next step is
to present the consent for rescinding of the
judgment at the same court where the judgment
was given. This is done by way of an application
for rescission of the judgment. In certain
courts, a mere written consent is not sufficient,
and an affidavit from the creditor is required.
Sometimes, you have to provide an affidavit by
yourself. Different courts often have different
requisites.
e. You will be issued with a Rescission Court
Order (RCO), which you then present to
the credit bureau and the judgment will be
www.reimag.co.za