Ccj

breakdown2007

most of my debts have bene handed down to other companies ie lloyds tsb credi card account has been passed to an agency? what im confused is if pay the agency off for that partcialuar debt will my credit rating rise? as im not paying the bank nemore im paying the agency its with?

skylight

No - credit rating is still shot to pieces. You will probably have been issued with a default notice from the banks before the debt is passed to a DCA (Debt Collection Agency) and these still stay on your credit file for years (a default is issued becuase you defualted upon the contracted payments to the back).

Your title mentions CCJ, but the post does not. You are aware that these are different? Just because your debt have been passed to a DCA does not mean a CCJ - thats a County Court Judgement - is issued against you. You have to be taken to court for one of those.

breakdown2007

ok so the debt is with a dca is there nay point in paying it off as im 30grand in debt well 20000grand to crediotrs or shall i jus go bankrupt.

Emmzi

When you posted about this last month, many people (including me) recommended you posted an SOA. This is so people can give you an informed opinion, instead of just guessing.

You didn't do so as far as I am aware. Until you do, any advice will be a best guess or an opinion without the full facts - so not worth much to you.

breakdown2007

naaa your misisng the point entirley if my credit ratign does not rise while im paying off the debt to dca's wats the point in paying it off?

skylight

I can't advise that!

Bankrupt is serious (and its something I am doing too!) - it stays on your credit file for 6 years - car insurance/house insurance/life ins etc all ask the dreaded question (have you ever been made bankrupt question!) and are higher premiums becuase of it. You will find it difficult to get any decent line of creidt (mind you, the idea is lesson learnt and you wont be getting credit again) and you will probably never get a decent mortgage.

If you currently own your own home, you are likely to lose it.

At the top of this page, are links to Payplan and national Debtline (goggle CCCS - its not here) and get professional advice from them first. If bankruptcy is your only choice, and not to be taken lightly, you will have to have spoken to them first anyway.

skylight

breakdown2007 wrote:

naaa your misisng the point entirley if my credit ratign does not rise while im paying off the debt to dca's wats the point in paying it off?

Because if you pay it back, it will eventually be off your credit file.

A bankruptcy is NEVER off your credit file.

breakdown2007

ok but im sitll not tlaking bout that,im asking how can i make my credit rating better then it is? coz if paying off dca's isnt going to make my rating better wat do i do?

skylight

You can do nothing.

Your credit rating is shot to s**t. It will stay that way until the debts are paid back. Only then will the debts be marked as settled and your rating look better - whether you pay the bank direct or the DCA.

There is nothing else you personally can do to improve your own rating.

breakdown2007

so im doomed i will do an soa when i have enough time at home

looks like im guna have to get into !!!!!! to sort this mess out lol

skylight

A profession thats legal would probably be better!

Are you working now? Claiming? September is coming up - get yourself back to college and get yourself a better life.