Does a payment holiday affect my credit rating

Pickle49

Hi people

I have £21,000 worth of debts ( see other posts ) and have had my light bulb moment 5 months ago. I have been chipping away at them, slowly but surely. They are all catalogues and credit cards and an overdraft. My plan is to do at least minimum payments on everything...I have never missed a payment or fallen into arrears...but I always try to pay a bit more, even if its only a tenner. As well as keeping up the payments, I have been cutting back and saving wherever I can and build up a little envelope of savings. I have accrued £300 in the last five months. I intend to use these savings to pay off one of the catalogues in full and then start again at the next one. So, always paying at least the minimum but at the same time saving until I have a chunk enough to make an impact on one of them.....and then it's gone. Wen I have dealt with the catalogues, I am going to attempt to get a 0% balance transfer cc and start dealing with the credit card debts ( I will still have been maintaining with minimum payment ).... Anyway, so far, so good..........

I am in the process of changing jobs. I have got a new job which will be better for me in the long run and the money is about the same. I have had my last pay packet from my employer a week ago, everything that was owed to me has been paid. Although I am due to start my new job next week, I will not get any wages until the end of June:eek: I can continue to make this months repayment on everything as my savings envelope will have to be used on making the rest of the minimum repayments for this month as I am a fortnights worth of wages short. I will have no income to pay all or any of next months payments. :eek:

I could ask to borrow the money from my parents or even put it on the credit card ( stupid idea ) but obviously that also has to be paid back. I'm thinking of asking all my creditors for a payment holiday of one month. When I get paid at the end of June I will need that months money to finance July's payments so the payment holiday seems to be the most sensible idea. I'm not happy about it, I'm just trying to keep my head above water.

I'm in the lucky position of not having to pay for any household expenses, as my OH pays for everything...bless him, he's been an absolute darling about all of this when I finally told him about it ( see other posts).

Anyway, sorry for the long winded post, I was trying to give as much relevant info, but I wondered whether any of you bright sparks had any other ideas of how I could deal with this particularly challenging month that's waiting round the corner.

DS4215

Are you up to date with your payments as of now, and are they are direct debits?

If so, you could simply ask them to change the direct debit date for June to the 30th (or whenever you get paid), so you are making the June payments just at a later date.