Any other Way?

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Tawny_Owl_3
Tawny_Owl_3 Posts: 18 Forumite
in Debt-free wannabe
Hi was reading about someone who made a deal with cards instead of a DMP so things would not effect credit file. We need our file in tact as may need a morgage but cannot aford payments and high interest rates. Is there a nother way forward?

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  • January2015
    January2015 Posts: 2,369 Forumite
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    Tawny_Owl wrote: »
    Hi was reading about someone who made a deal with cards instead of a DMP so things would not effect credit file. We need our file in tact as may need a morgage but cannot aford payments and high interest rates. Is there a nother way forward?

    If you cannot afford the card payments and interest rates how do you propose to even start to do a deal with your creditors?

    Without capital to negotiate with your creditors, even if they would consider negotiating, I'm not aware of any other way forward other than some form of plan to deal with your debt, i.e. DMP, DRO, IVA, Bankruptcy etc.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • sourcrates
    sourcrates Posts: 28,879 Ambassador
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    No not really, if you do not make minimum payments your accounts will fall into arrears, and that will be reflected on your credit file by a late payment marker.

    Its highly unlikely such a deal would be possible as lenders must present an accurate record of how you run your accounts.

    False reporting on credit files would get them into serious trouble.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • fatbelly
    fatbelly Posts: 20,499 Forumite
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    Do you want to post a statement of affairs and let us see the whole picture?
  • Tawny_Owl_3
    Tawny_Owl_3 Posts: 18 Forumite
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    Sorry must sound stupid..but just wondered if one could ask for the interest to be cancelled so the payments would be less and as there would be a payment it would not be a default on the credit file?
  • sourcrates
    sourcrates Posts: 28,879 Ambassador
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    Tawny_Owl wrote: »
    Sorry must sound stupid..but just wondered if one could ask for the interest to be cancelled so the payments would be less and as there would be a payment it would not be a default on the credit file?

    Credit card companies may make temporary arrangements with you, where they may suspend interest for a period of say 6 months, but they will not do this long term, and they will, normally, report the arrangement on your credit file.

    Obviously you must ask for help from them, and tell them why.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Tawny_Owl_3
    Tawny_Owl_3 Posts: 18 Forumite
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    My thanks ..you have given us something to consider..things came to a head at Christmas when I dislocated my shoulder and am still not working due to complications..just not sure what is round the courner at present and need some space before making a decision. Thank you
  • John-K_3
    John-K_3 Posts: 681 Forumite
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    Tawny_Owl wrote: »
    Hi was reading about someone who made a deal with cards instead of a DMP so things would not effect credit file. We need our file in tact as may need a morgage but cannot aford payments and high interest rates. Is there a nother way forward?
    No, you either have to meet your commitments in full, or expect to have your file reflect your late or missed payments.

    That is the whole point of your credit history, it would make a mockery of the system if you get to Welch on one set of debts while preparing to borrow more for a house,

    It sounds as though you need to put the idea of a mortgage back a couple of years until you get yourself sorted out.
  • January2015
    January2015 Posts: 2,369 Forumite
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    Tawny_Owl wrote: »
    My thanks ..you have given us something to consider..things came to a head at Christmas when I dislocated my shoulder and am still not working due to complications..just not sure what is round the courner at present and need some space before making a decision. Thank you


    That's a different scenario - a short term arrangement. As Sourcrates says, contact your creditors and see what they say. Years ago, I had cancer and couldn't work for almost 18 months. I phoned my creditors and Barclaycard were amazingly helpful. They stopped interest and even advised I needn't worry about minimum payments. They reviewed this every six months. I never use to check my credit files back then so I don't know what they put on the file (was more than six years ago so it's long since gone from my file). Other creditors weren't so helpful :(
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • datlex
    datlex Posts: 2,239 Forumite
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    In the past I spoke to my creditors when my finances due to redundancy were such as I could not afford my debts. They were prepared to help to make the payment affordable and importantly it did not appear on my credit report as anything other than a normal payment. Over time my finances improved and I was able to pay off all my debts in full.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    I second the advice about posting an SOA, have you looked at your spending and cut back, naybe theres luxuries you can do without.
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