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freezing loan interest and credit rating question

papermoney
papermoney Posts: 583 Forumite
in Loans
If I ask the companies I have my loans with to freeze the interest will it affect my credit rating?
:rotfl:

Comments

  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    Nothing happens if you just ask and keep paying as per agreement - but if they agree, yes. As you are not keeping to original agreement, it will be marked as a default.

    EDIT see you've already been to DFW
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • Astaroth
    Astaroth Posts: 5,444 Forumite
    I am not an expert but I would have said that it doesnt show on your credit report which is why most lenders will not agree to doing anything like this until your financial situation is shown to be bad by missed payments etc otherwise you could become a serial reduced payment... get loan day 1, freeze interest day 2
    All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
    No Advertising or Links in Signatures by Site Rules - MSE Forum Team 2
  • FTD
    FTD Posts: 137 Forumite
    It IS marked on your report as an arrangement or debt management plan. I forget the actual code but it is definately recorded.

    FTD
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