Credit Rating - Is There Any Hope For Me

mystic_bertie

im not sure what section i should have put this but mods feel free to move it to the right place.

After lots of credit card debt and large over-draughts i ended up with about 18k of debt. Now im in a debt repayment program which a money advisor set up for me, she works for the local social council services. I am now repaying the debt over 10years. I dont intend to get any loans or any credit cards ever again but im finding it hard to pay my car insurance monthly or even get a new mobile contract. Is there any hope i can fix my credit rating or will it always be bad since im in this debt repayment program??

cheers
Rab:D

Tixy

It will be poor until the debts drop off your file.

Its likely most of your creditors have issued a default on your credit file. These stay on file for 6years from the date shown on your file. After that they will drop off, along with any record of the debt (even if its not fully paid off by then).
So if you are paying your debt over 10years its likely that by the last 4-3years of that period that your file may not look too bad.

Worth checking out exactly what your current debts are showing on your credit file, if they have all defaulted and what dates etc.

mystic_bertie

Tixy wrote: »

It will be poor until the debts drop off your file.

Its likely most of your creditors have issued a default on your credit file. These stay on file for 6years from the date shown on your file. After that they will drop off, along with any record of the debt (even if its not fully paid off by then).
So if you are paying your debt over 10years its likely that by the last 4-3years of that period that your file may not look too bad.

Worth checking out exactly what your current debts are showing on your credit file, if they have all defaulted and what dates etc.

thanks for the reply, i forgot about these defaults etc, will just have to live with the consequences of my past actions. Ill pay the £2 and get a credit report. I might just have to live without mobile phone contracts and paying up the likes of my car insurance. :cool:

DS4215

You *can* get a mobile contract by taking out a PAYG phone and make regularly payments. After 3-6 months (depending on the phone company), they should happily change you over to a monthly contract without running another credit check.

OneLife_OneShot

Mobile phone contracts are overrated and expensive, just get a decent PAYG Sim and a decent enough phone you don't need a £400 phone which I find is why most people get contracts in the first place.

mystic_bertie

conisme wrote: »

Mobile phone contracts are overrated and expensive, just get a decent PAYG Sim and a decent enough phone you don't need a £400 phone which I find is why most people get contracts in the first place.

yeah and thats why i want a contract, i would like another smartphone and the cheapest way to get one is on a good contract paying about £26 a month.

mystic_bertie

DS4215 wrote: »

You *can* get a mobile contract by taking out a PAYG phone and make regularly payments. After 3-6 months (depending on the phone company), they should happily change you over to a monthly contract without running another credit check.

its interesting you say that, im with three, i want to leave them, could it be if i renew my contract with them i wont get another credit check and try and get a deal on new phone.