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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!!!

Replies

  • sourcratessourcrates Forumite, Board Guide
    23.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Hi,
    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".
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