Defaulting on Payments

Do you know what to do when there is a Judgement against you?

A recent survey found that of the 14.7 million South Africans who are in debt, around R13.6bn worth of consumer accounts were not paid in time this year. This means that at least 1 in 4 South Africans are both in debt and not able to pay the debt. Perhaps you find yourself in this position, having defaulted on payments, or maybe you know someone who is struggling with debt. Worse yet, what do you do if there is a judgement against you?How Does a Creditor or Collector get a Judgement against you?

In order to get a judgement against you, the creditor or collector must take you to court. The judgement will be filed with the court, and once that happens, it is public record. That means it will likely end up on your credit reports as a negative item.

This judgement stays on a Credit bureau's records for 5 years unless it is paid in full. The good news is that all is not lost. It may be a hard journey to personal financial wellness, but it is totally achievable. All it takes is some decisive action and an unwavering commitment to change.What next?The first prize is, of course, to not allow yourself to get in a position where you are defaulting on payments. However, if you, or someone you know, find yourself in a situation where your debt burden is overwhelming you, why not talk to Kudough?Kudough has helped thousands of South Africans transition from crippling financial challenges to better their financial health.

As a Kudough Subscriber, you get goals set and tracked that are guaranteed to improve your Status.

By subscribing for as little as R25 per month, you will have access to a Personal credit coach that will guide you with how to have these Judgements removed. Why wait? Sign up today!

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