Debt Management and Credit Score! Help

Angie83

Hello Everyone,

I am wondering if any of you can help me. For the last few years I stuggled with keeping up with regular payments on almost all of my credits. Last year i managed to pay the majority of my credit off and this left 2 creditors.( I also have now have a credit card and a catalogue which i pay more than the minimum every month. I got these to try and improve my score to show im a good payer. these are showing up as perfectly fine on my credit report)

I have agreed a monthly payment with them which I have paid religiously every month for the last 5/6 months maybe more. I checked my credit score report and it claims on both accounts that they are both at least 6 payments late??? How can this be as I have been making payments to them. Not i know that the payments i am making are not the original agreed payments when I first took credit out with them but they seemed happy with what i offered them and one was happy to take lower but i said id rather pay more. I even asked one company would this improve my credit report and she said yes as long as i keep the payments up to date and she said if i ever have any problems paying the agreed amount I must telephone the x amount of days before the payment is due to come out of my account so that they can maybe lower the payment that month.

But now it seems my credit is in as much tatters as it used to be and i really dont know which was to turn. There is no way i could ever pay the orginally asked amounts on either of the credits as that would be 2 thirds of my wages a month.

Help

electrobix99

Did you default on the payment before setting up this new plan? The account will show in arrears as late payment markers untill cleared now.

Angie83

Yes I missed alot of payments before on both accounts. Both have defaults on them which I know wont change in status.
I have just checked my bank statement and one ive made 4 payments now and one ive made 5. I just thought it might show some recent payment history. Im now going to have a read up on it

Tixy

Once you have the defaults on your file then nothing is really going to make it look much better until either the defaults drop off (after 6years) or the debts are fully paid.

They won't change your payment history, those late payments are how its shown when you have a default - but what should be happening is that the outstanding balance amount on each account is being reduced as you gradually pay off the defaulted debts.

XXSCOTSLASSXX

got quite confused reading ur 1st post to be honest... however am assuming that the 2 older credit agreements are what u refer too when u say I have agreed a monthly payment with them which I have paid religiously every month for the last 5/6 months maybe more. .....so really your are on a self administered DMP with them and full contractual payments havent been made for the last 5/6 months, would that be about correct? if so the payments as in the full minimum payment that was agreed on taking out the credit hasnt been made for 5/6 months which may be the way the see it as late and are recording it .... paying lower than the minimum payments at any time is never going to improve your credit report whether you make the lower agreed payment or not x

Angie83

Thank you. I just realised that as i noticed the default amount was higher than the current amount outstanding. So basically there isnt alot I can do to change my credit report until the defaults run there course.

silly me