Remember: An informed individual is a protected individual!Defaulting on your home loan payment is a serious transgression, but thanks to the laws in South Africa, you can’t suddenly be evicted if you miss a couple of payments. There are also laws about when you may be evicted and at what price your home may be sold by the banks or lender. For more information, you can visit SA Home Loans. Defaulting on credit card and revolving accounts (store accounts for clothing, groceries, etc.), is on the increase according to Compuscan’s data and other commentators. Defaulting on these accounts will negatively affect your credit rating and your ability to access new credit. The effect of late payments on these types of accounts will lead to you paying more in the long term. Furthermore, non-payments reflect poorly in your credit history and negatively impacts your ability to access credit in the future. For tips on how to safely and effectively use your credit card, view our article on the My Credit Check blog here. Tip: Another way of protecting yourself, is to make sure the information on your credit report is accurate. If it isn’t, you need to dispute it – find out how to dispute information on your credit report here. To get your credit report, visit www.mycreditcheck.co.za today!
Defaulting on payments
Posted: 13 Jun 2018