Need to Change Credit Rating

Agent_Gibbs

I've been advised to post this here. I had posted my question in the credit card section, but it was suggested that i could gain some infor here -

I've entered in a Debit Management Plan and have been making agreed payments with my creditors. In the meantime i've been trying to raise funds to pay off my debts by looking to remortgage my house, but each time i've been turn down. I have now gained access to my credit score and 3 of my creditors are showing that i'm making late payments and have defaulted as well, even though they have agreed to reduce payments plan and my credit plan shows the payments being made.
How can i change my credit score or should i say how do i get my credits to change my credit score?
At present i could possible pay off all my debts within 3 months if my credit score was better, but at this rate its going to take over 5yrs to clear everything.
Any ideas please?

luckyfool

They are showing as defaults as you have defaulted on your credit agreement, i.e. you are not keeping to the contractual payments. The fact that the lender has agreed a reduced negotiated payment with you or your debt management company will not change that I'm afraid.

I doubt you will be able to get your credit providers to change their reporting to the credit reference agencies so while you keep to this debt management plan you are likely to find most if not all of the other credit agreements will also go into default over the next few months. As long as you keep to the agreement your creditors should not take you to court or apply for a ccj.

gemmacantan1

I took on a debt management plan a few years ago. What they kindly don't exactly point out in the bold print is that when you turn your accounts over to them that most if not all your creditors will default you!

5 out of 6 of my creditors defaulted me back in 2006 with one of them leaving it a whole year later which p***ed me off to say the least.

If I'd have known differently I probably would have seeked the advise of a finanical advisor and tried to find a way to get the payments down rather than go through a debt managment plan. I paid it back in August of this year but its affecting me being able to move so I'm extremely annoyed with myself.

Also I assumed when taking it on that none of my creditors would be able to take me to court but apparently at anytime they can! I had RBS send me letter after letter telling me that I wasn't making any payment to them so they were taking legal action. Please do check, don't leave it in the hands of debt management agencies. Eventually I contacted RBS myself and spent many hours explaining that I was paying just through a debt management agency. Eventually after 6 letters later and numerous phone calls they got the hint and left me alone.