Will asking for payment relief affect credit rating?

Student_debt_Hype

Hey all,

I recently moved house and unfortunately I lost my job at the same time and struggling to keep my payments up. I have several jobs that are looking good and one basically 'in the bag' (a friend recommended me and the interview went great - he says HR are just waiting for the position to close).

My credit is nigh on perfect as I've had both large and small amounts of credit and consistently payed it off. But now I'm just a little short for a couple months and won't be able to make them.

Will calling up my 2 cards and saying I need time to get my job sorted before paying affect my credit?

Thanks,

Joe

[Deleted User]

If you have to make an arrangement to pay, it will almost certainly be marked on your files and will be interpreted negatively by lenders.

Unless its for a single month, defaulting would probably be the better option.

eskbanker

Much depends on just how keen you are to protect your credit status but chances are the best option will be to do everything in your power to make the contractual minimum repayments every month, even if this means going short, selling stuff, short-term borrowing from friends or family, etc.