Yes, if your credit provider does not assess your affordability properly, it could damage your credit score.
If you take a loan or credit from a credit provider and you are unable to pay it back or skip payments to the point where you are in arrears, this will impact or damage your credit rating in the future. If you cannot meet your financial commitments, it is important that you act quickly. Talk to your credit providers and find out what procedures are in place to help borrowers’ experiencing financial hardship.
Until a magistrate concludes that the reckless lending resulted in over-indebtedness of the consumer and such over-indebtedness still subsists; he may:- Suspend the force and effect of the agreement to a date that he determines;
- Restructure the obligations of the consumer under any other agreement.
We will however do everything to protect your credit rating and it is unlawful for your credit provider to enter anything adverse whilst a dispute continues< Back to FAQ's