Noticed some changes? You can read all about the improvements we've made on the Forum in our latest announcement. We also have a new set of Forum rules so please take the time to give them a read and familiarise yourself.

My story & how do i improve my credit rating...

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
1 reply 556 views
longgamelonggame Forumite
1 Post
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
Hi All,

I have read this forum for sometime and must say a thank you to anyone who has posted anything to do with F&F settlement offers as I have just last week agreed one with each of my creditors.

I was in debt to the following up until 7 days ago.
Compello (Barclaycard, HSBC loan, CC & overdraft) £19,650
Santander £850
Natwest overdraft £4650
Natwest CC £3850
Robinson Way (MBNA cc) £6800

Total: £35,800 (and some loose change)

Anyway I had racked these debts up between 09-12 while I was in the grip of a gambling addiction (since then I have been to rehab and haven't had a bet in 2.5 years) I had been making small payments through a dmp but hadn't made any payment to any creditor since late in 2014 under the advice of a friend who said that as my credit rating was already a joke (6defaults, 1CCJ) this would make it easier to gain a good settlement (which was proved correct)
I thought I would be paying these debts back for ever but I was incredibly fortunate... I told a family member about my debts just because I wanted someone else to talk to about it (only the Mrs knew)
Long story short - my uncle is a very wealthy man (unknown to me at the time!) and told me that he wanted to help me and give me a start in life. He offered to give me £20k to clear my debts.
Once I knew I had access to this money I spoke to each creditor and explained the situation and made low offers, eventually they accepted the below amounts:

Compello £10,900
Santander £600
Natwest overdraft £2650
Natwest CC £2650
Robinson Way £2700

Last week I rang everyone up (over 2 days as I can only spend 10k per day out of my account) and made the agreed payments, I had everyone put in writing the agreed amounts and they have all told me they will inform the credit ratings agencies and that in 4-6 weeks my files will be marked as "partially settled" with a zero balance. The CCJ has been marked as satisfied as well..

So, im obviously thrilled to be out of debt, and so lucky I have such a decent family to help me like that. But now I want to know (and im hoping the knowledgeable among you will be able to advise) how can I improve my credit rating and when can I expect to be able to look at gaining credit again.........
Main reason I ask is I would like to move away from my company car to a car allowance as it will leave me about £400 per month better off even after paying for a car and all associated costs. I would need to get the car on finance though......

Any advice or thoughts on when I rating will be better and anything I can do to make it better are much appreciated.
The defaults are on there between 2011 & 2013....

thanks in advance!!!


  • sourcratessourcrates Forumite, Board Guide
    23.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Defaults stay on your file for 6 years, then they are gone, same with the CCJ, there is no magic fix unfortunately, time is the best healer, the further in the past a default is, the less relevance it has.
    Pay your bills on time, get on electoral role, have a stable address history, and let time heal your file !!!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of
    "I don`t trust Bankers, I don`t trust Banks, and I don`t trust you.........Private Frazer".
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
This discussion has been closed.