Payment plan

I have an American Express account that’s getting out of hand with interest, I’ve been offered a payment plan with them which will get it repaid quicker and there will be no more interest, however they can’t tell me what that could do to my credit score. I want my debts paid but I don’t want to make it harder to get another mortgage or car insurance etc, when the time comes to renew these. Can anyone tell me how it might affect me so I can make a more informed decision? I am able to pay it at the moment but only just and it relies on my partners help. 

Comments

  • Brie
    Brie Posts: 9,809 Forumite
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    It will show on your credit reports as something that was a problem (likely with a yellow marker rather than a green for good or red for default) and is being dealt with.  And so likely to affect your credit score.  But supposedly no one looks at your actual score though they may very well look at your credit reports.  

    Is there any other way for you to deal with this?  Possibly posting a statement of accounts to see if there's money to be found in your budget?
    "Never retract, never explain, never apologise; get things done and let them howl.”
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