Payment Programme v Credit Rating

sharonfrancis

Can anyone offer my any advice....

Does being put on a payment programme affect your credit rating?

Someone stole my phone.. before I knew it they had run up at 1K phone bill - I am going to struggle paying whole bill.

I am really concerned that my very good credit rating is going to be affected by this...

If it does affect it I will have to find they 1K from somewhere.....

1K v losing my credit rating - no contest!!!

sirwiggum

sharonfrancis wrote: »

Can anyone offer my any advice....

Does being put on a payment programme affect your credit rating?

Someone stole my phone.. before I knew it they had run up at 1K phone bill - I am going to struggle paying whole bill.

I am really concerned that my very good credit rating is going to be affected by this...

If it does affect it I will have to find they 1K from somewhere.....

1K v losing my credit rating - no contest!!!

I would speak to citizens advice, surely you shouldn't be liable for a phone bill of a thief?
Ask to get through to the complaints department of your mobile network.

Does being put on a payment programme affect your credit rating?

Yes. As I'm finding out, the creditor can put you on an 'Arrangement to Pay', which covers your credit file in 'AR' markers. These remain on your file for 6 years, meaning if you make the last payment in 5 years time, it'll be 11 years before your credit file is clean again!!

If I got into difficulties again I think I would rather Default and seek a payment option, rather than going onto a payment plan with Arrangement to Pay. A Defaulted account gets cleared from your credit file 6 years after the default date, therefore if you default today, you'll have a clean credit file in 6 years time.

However, in the short term, an AR is likely to be less damaging than a Default.

sharonfrancis

Thanks for response - because I didnt cancel the phone they are saying I am liable....

Dont worry I am putting up a fight - I find it sickening and am hugely disappointed they are profiteering from me being a victim of crime. I am a single mother to 2 young boys age 1 and 4 and am going to really struggle to pay this which is why I thought about a payment programme.

I have emailed EE's CE direct and someone from their Executive Office tried to call me yday! So I am on it...... and am praying they will waiver the international calls made....

Given what you have said I think if they do insist I pay it then I will have to find money from somewhere..... I dont want to wait 6 years... like I say 1K v a good credit rating - there really is no contest...

Thanks!

mattyprice4004

If you didn't report it immediately (or didn't have a good reason not to have done so) then you're going to get nowhere - the network aren't liable because someone else have taken your property and run up a large bill.

If you reported it very quickly this will go in your favour, if you took 12 hour plus you haven't got a hope. I used to work for a major mobile retailer, and it was rare these bills would get wiped.