What's the next step?

Tia0101

My partner and i have recently re-mortgaged out home (am waiting for the funds to come through) and we are using the money to pay off most of our unsecured debt. I have had a DMP with the CCCS for 2-3 years now (they are amazing!!) and i should be able to pay off all of this when the money arrives. However i know that my credit rating is terrible due to missed payments etc. My question is when i have paid off all of the debt do i need to inform equifax/ experian that the balances are settled? If i do will that show on my credit file?

The way i feel at the minute i would not touch another credit/ store card with a bargepole :A but i just thought i would check....

Bargain_Rzl

I don't know the exact codes which will show on your credit file - I'm sure somebody else will be along to advise you on that - but you certainly shouldn't need to be giving information to the CRA's personally. This should feed through to them automatically from the credit card companies. As ever, though, it's always worth getting a copy of your credit report every few months to make sure that this has been done correctly.

IN_LIKE_EVERYONE_ELSE!

Hi Tia, if I were you I would write to your creditors and offer them full and final settlements, look at some of the posts here in the depths of MSE, it is all negotiable, just imagine saving a couple of grand for a few letters and phone calls, well worth it!
Re-post with a list of what you owe and I am sure the good people here will have positive settlements with all the card companies and banks on your list. The effect on your credit rating will be no worse than it is now.

XX

Tia0101

IN_LIKE_EVERYONE_ELSE! wrote:

Hi Tia, if I were you I would write to your creditors and offer them full and final settlements, look at some of the posts here in the depths of MSE, it is all negotiable, just imagine saving a couple of grand for a few letters and phone calls, well worth it!
Re-post with a list of what you owe and I am sure the good people here will have positive settlements with all the card companies and banks on your list. The effect on your credit rating will be no worse than it is now.

XX

Well it worked! This is what i have managed to negotiate (with help from my new friends at MSE!)
Balance Agreed Settlement Saving
Loan 1 £1821.77 £1300.0 £521.77
Store card 1 £373.60 £303.00 £70.60
Catalouge £163.32 £118.42 £44.90
CC1 £351.57 £319.97 £31.40
CC2 £619.59 £508.32 £111.27
Loan 2 £3000.00 £2500 £500.00
CC3 £356.67 £299.00 £57.67


Overall i have managed to save £1337.61 on the actual balances by calling the relevant companies and making them offers to settle and close the account.

Thank you all so much for your help with this. I would not have had the courage to call and do this without this board! Your advice to myself and others is brilliant

Tia

Experian_company_representative

Don't worry, your credit rating will improve given time. Adverse information only hang around for six years. Yes, do check that your report's been updated once everything goes through, and you might also consider adding a note to your credit reports explaining your previous difficulties as this may help future applications. Good luck.

Little_Miss_Winner

Wow, well done Tia, :j also well done to "In Like Everyone Else" for a great suggestion! :T :T :T