If you are wondering whether it is possible to clear your credit record without having to actually repay all your debts, the short answer is no. But… you might be able to restructure your debts and accounts so that you are able to settle the most urgent accounts first.
If your accounts fall in arrears for long enough, negative listings will begin to show up on your credit report, and these listing can stay on your record for a very long time – sometimes for years!
The National Credit Act has a thing called a data retention period which means that negative listings stay on your credit record for a certain amount of time
To avoid having a judgment listing, or being blacklisted many consumers are using various debt consolidation products offered by the banks and/or applying for Debt Counselling, which protects you from repossession.