Credit file implications

Time_for_a_new_start

Hi

I had a really good credit rating and had paid my debts right down but then got made redundant and had a couple of really bad set backs in life (bereavement and further losses) and foolishly got into more debt. I also suffered from anxiety and had issues dealing with my finances putting everything off. I opened the letters but couldn't find myself dealing with it.

Consequently I now have an appalling credit record.

My question is apart from having problems getting credit for six years does having a credit file of defaults and late payments have any other impact? I'm having therapy about how I use money and also recognise I shouldn't have further credit cards or other credit while I try and sort things out so maybe not having access to credit isn't a bad thing but my anxiety is that it will have other impact on my life.

boo_star

Who cares?

Unless you're trying your chances its immaterial.

[Deleted User]

Depends what “other impact” you might be referring to

Nebulous2

That question is very difficult to answer, without you being clear what you mean by other impact on my life.

Credit is pervasive within our society and extends its reach into many areas. Then again, many people are perfectly happy paying cash for everything and never touching credit.

You may be ruled out for certain jobs - in finance for instance. You may find it difficult to get a mobile phone contract. If moving home you might find it difficult to get utilities, without a prepayment meter. These are some examples I can think of, but none of these may be important to you.

Willing2Learn

Time_for_a_new_start wrote: »

My question is apart from having problems getting credit for six years does having a credit file of defaults and late payments have any other impact?

As you have stated, negative data in your credit file can cause problems when trying to get credit (it can be an obstacle to getting a mobile phone contract for example). The only other impact can be to your mental health.

There are plenty of people who successfully manage a mental health condition while holding down employment. It is all about putting in place a coping strategy. I am one such person who works in spite of my mental health diagnosis.

boo_star

Willing2Learn wrote: »

As you have stated, negative data in your credit file can cause problems when trying to get credit (it can be an obstacle to getting a mobile phone contract for example). The only other impact can be to your mental health.

There are plenty of people who successfully manage a mental health condition while holding down employment. It is all about putting in place a coping strategy. I am one such person who works in spite of my mental health diagnosis.

It can also be a problem in getting employment.

Damien78

boo_star wrote: »

It can also be a problem in getting employment.

How can this be a problem?

[Deleted User]

Damien78 wrote: »

How can this be a problem?

Working in the financial sector.
Military.
Uk government.
Etc.