Temporary freeze

bsclp118

Hi,

Last year in September I reached a point when I realized I needed to get on top of my finances. I was considering going into a DMP and I asked for a 30 day breathing space period from my creditcard/loans.

Fortunately I decided with cutting back I was able to meet my minimum repayments and I didn't miss any payments in the end.

I am not in the situation that I need to move house (we rent and the landlord is refusing the replace the very broken boiler, he just keeps using temporary fixes each time it breaks down). Anyway, I don't have the savings for the deposit and fees. However I was wondered if I explained my situation to the credit companies if they would allow me another grace period (as it were)? I would get my deposit back from my current house after moving so would be able to make repayments the following month.

Do you think this would be OK? Also if I did miss a payment during this period would this be a default or a late payment - I want to try and protect my credit rating as much as possible as I am trying to build it so I can transfer my debt to 0 % cards as much as possible.

Thanks for the advice in advance,

Cheers,

Clare

sourcrates

Hi,


The problem with missing payments is that at some point, you are going to have to pay them back, if you want to keep a reasonable credit rating, it would show as a late payment for up to 3 months, after which you may receive a default notice.


The 30 days grace is usually to allow a debtor to seek advice on debt management, the fact you chose not to do that last time may of been a mistake.


Clearly the debts you have are only just manageable, but when a crisis comes along, such as a deposit for a new flat, you are unable to cover it due to your current level of debt.


Obviously I don't know your full story, but it seems another solution may be the answer your looking for here, one that allows you to manage one off emergency's without either missing payments or resorting to further credit.


And that would entail some kind of debt solution.

bsclp118

OK thanks. I think we may just have to just nag the landlord some more and stay put until my partner gets his work bonus in March/April.

I am looking at a significant wage decrease come September so to be honest, I am probably going to have to go into a DMP at some point - but I'd prefer to try and wait until I have the lower budget rather than enter now and then try and renegotiate with creditors. Plus I am not certain on what redundancy I will be getting, if I get what I am hoping for it will wipe off quite a lot of the debt.

Ohwell, a few more cold showers is worth it - I guess it was wishful thinking that I could just press pause for a month!

sourcrates

bsclp118 wrote: »

Ohwell, a few more cold showers is worth it - I guess it was wishful thinking that I could just press pause for a month!

You can always ask the creditors if you can miss a payment, or be more forceful and tell them your going to.


If you intend seeking help with your debts at some point in the future, then your credit file should be your last concern, personally I`d rather have a hot shower than a cold one !!!!!