In case your name has appeared on the list of people blacklisted for loans in Johannesburg, then no bank would consider your application for obtaining any type of credit facility. Therefore, it would be futile to run around from one financial institution to the next if you already have a blacklisted loan. None of them are going to accept your application. That is why it is recommended that you start searching for suitable alternatives rather than further frustrating yourself about a problem.
You have nothing to worry about since there are many other methods through which you can acquire decent credit facilities. The possibilities are numerous.
There are numerous reasons why you might fail to fulfil your financial obligations to the bank. You have nothing to worry about in this regard since millions of people from around the world are in the same situation as you. The best way to prevent the situation from worsening further is to contact your loan manager if you feel you would be failing to pay the designated amounts. In most cases, the bank will definitely give you the option of ceasing payments for at least a while, or it might allow you to continue paying at a much lower rate.
This is a completely legitimate dealing since there is no reason why the bank would not pay heed to your requests. After all, they do want you to continue repaying your debt. Do not hesitate to contact your bank as soon as possible if you feel you are going to default on your payments anytime soon. Once the bank calls and enquires why you did not make your payment, your name would already be included in black list of the Credit Bureau.
It is strongly recommended that you do all the calculations on your own before you approach a bank for a credit facility in the first place. You need to see how long it would take before you have completed your payments and whether such an arrangement would be feasible in the first place given your financial condition. While getting a bank loan for purchasing a house approved might be something very exciting, nobody wants to spend the rest of his life paying back all the mortgage debt. It would therefore be a better idea to purchase a smaller house first. This will help to avoid any failures in the future, and you ending up having a blacklisted loan in Johannesburg. Paying a smaller rate is much easier, and you may consider selling the house after a few years as your income grows to purchase a bigger one.