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    • Joseph shapero
    • By Joseph shapero 25th May 19, 12:30 PM
    • 2Posts
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    Joseph shapero
    Help with credit score and debt
    • #1
    • 25th May 19, 12:30 PM
    Help with credit score and debt 25th May 19 at 12:30 PM
    Hi guys, in a bit of a dilemma and wondering if someone out there can help me find a solution, I have a default on my credit score from car finance which is £11 000. I havenít heard anything back from company in about 3 years, and I havenít paid anything into either, I feel this is affecting my credit score as I canít seem to build it currently sitting st 526 on Noddle. I have an over draft and 2 credit cards but have just got a good job with decent pay and looking to get myself back on track, Iíve been accepted for a trust deed on this debt but whatís scaring me is I canít (so the woman said) wonít be able to build my credit for 4 years while in this and after that rest of your debt gets wiped and you start fresh, Iím maybe hoping there is a way of doing this without ruining my credit as 4 years is a long time to wait! Any advice appreciated cheers!
Page 1
    • zx81
    • By zx81 25th May 19, 12:38 PM
    • 22,446 Posts
    • 24,599 Thanks
    zx81
    • #2
    • 25th May 19, 12:38 PM
    • #2
    • 25th May 19, 12:38 PM
    If you enter into any sort of arrangement, trust deed or default, it will reflect very poorly on you.

    It will drop off 6 years from default, and the sooner you settle it, the better.

    In the meantime, use your credit cards wisely - clearing in full each month - and stay out of your overdraft.

    The score isn't a reflection of your credit worthiness, so ignore that when it drops again as you clear the debt.
    • Joseph shapero
    • By Joseph shapero 25th May 19, 12:50 PM
    • 2 Posts
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    Joseph shapero
    • #3
    • 25th May 19, 12:50 PM
    • #3
    • 25th May 19, 12:50 PM
    Ahhh ok but so you think entering trust deed would make things worse? And is it true you canít build your credit while in one? Also would maybe the best option be contacting debter directly to arrange a payment plan be better option?
    • zx81
    • By zx81 25th May 19, 12:54 PM
    • 22,446 Posts
    • 24,599 Thanks
    zx81
    • #4
    • 25th May 19, 12:54 PM
    • #4
    • 25th May 19, 12:54 PM
    No, the trust deed won't make it worse - the default has done the damage. Now it's about paying it back.

    You can rebuild your credit worthiness while in a deed. Every day, your default gets older, and you are hopefully using your cards correctly. All of that will help.

    As long as you're repaying (and as quickly as possible), do it however you want.
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