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Banks do not extend credit to blacklisted individuals. However, certain private loan companies can assist you if you are blacklisted - at a cost.
Once you fall behind on any payments, you rack up a bad credit history. Eventually the Credit Bureau may blacklist you. When you are blacklisted, you will be denied further credit by major lenders. The reason is that it becomes too risky for them. It also puts them at risk for reckless lending investigations.
Even if you do manage to pay off all of your debt, it will take between three months and 10 years for your credit record to clear. The time it takes depends on the actions you take and how far the various debts have escalated.
You may even need to get the help of a lawyer. Being blacklisted can also cause people to fall deeper into debt, because they turn to more expensive types of loans.
All is not lost, however. To find loan companies that can accommodate bad credit applicants, research as many private loan companies as possible.
Look at the interest rates carefully as loan sharks can use your bad credit history to their advantage with high rates and fees.
If you have an asset such as a boat or car in order to get a secured blacklist loan, these will typically be cheaper, as there is less risk to the provider. However you risk losing your asset if you default on payments with a secured loan.
Unfortunately, being blacklisted also does not mean you automatically qualify for a blacklist loan. Most companies will deny blacklist loans to people who are under debt review, or are not permanently employed.
Blacklist loans are expensive, and often you will not be able to get a mortgage or car loan at all.
Your best bet is to start by getting your free credit report, and clear your debts in a strategic fashion. Lastly, seek legal counsel to clear your credit record as quickly as possible.