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  • FIRST POST
    • Tawny Owl
    • By Tawny Owl 4th Mar 18, 4:32 PM
    • 18Posts
    • 0Thanks
    Tawny Owl
    Any other Way?
    • #1
    • 4th Mar 18, 4:32 PM
    Any other Way? 4th Mar 18 at 4:32 PM
    Hi was reading about someone who made a deal with cards instead of a DMP so things would not effect credit file. We need our file in tact as may need a morgage but cannot aford payments and high interest rates. Is there a nother way forward?
Page 1
    • January2015
    • By January2015 4th Mar 18, 4:40 PM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    • #2
    • 4th Mar 18, 4:40 PM
    • #2
    • 4th Mar 18, 4:40 PM
    Hi was reading about someone who made a deal with cards instead of a DMP so things would not effect credit file. We need our file in tact as may need a morgage but cannot aford payments and high interest rates. Is there a nother way forward?
    Originally posted by Tawny Owl
    If you cannot afford the card payments and interest rates how do you propose to even start to do a deal with your creditors?

    Without capital to negotiate with your creditors, even if they would consider negotiating, I'm not aware of any other way forward other than some form of plan to deal with your debt, i.e. DMP, DRO, IVA, Bankruptcy etc.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was 95k I'm driving it down
    1k emergency fund (member #84) 1k/1k
    [COLOR=Blue][SIZE=2]
    • sourcrates
    • By sourcrates 4th Mar 18, 4:42 PM
    • 14,030 Posts
    • 13,283 Thanks
    sourcrates
    • #3
    • 4th Mar 18, 4:42 PM
    • #3
    • 4th Mar 18, 4:42 PM
    No not really, if you do not make minimum payments your accounts will fall into arrears, and that will be reflected on your credit file by a late payment marker.

    Its highly unlikely such a deal would be possible as lenders must present an accurate record of how you run your accounts.

    False reporting on credit files would get them into serious trouble.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 4th Mar 18, 4:42 PM
    • 12,244 Posts
    • 9,278 Thanks
    fatbelly
    • #4
    • 4th Mar 18, 4:42 PM
    • #4
    • 4th Mar 18, 4:42 PM
    Do you want to post a statement of affairs and let us see the whole picture?
    • Tawny Owl
    • By Tawny Owl 4th Mar 18, 4:48 PM
    • 18 Posts
    • 0 Thanks
    Tawny Owl
    • #5
    • 4th Mar 18, 4:48 PM
    • #5
    • 4th Mar 18, 4:48 PM
    Sorry must sound stupid..but just wondered if one could ask for the interest to be cancelled so the payments would be less and as there would be a payment it would not be a default on the credit file?
    • sourcrates
    • By sourcrates 4th Mar 18, 4:55 PM
    • 14,030 Posts
    • 13,283 Thanks
    sourcrates
    • #6
    • 4th Mar 18, 4:55 PM
    • #6
    • 4th Mar 18, 4:55 PM
    Sorry must sound stupid..but just wondered if one could ask for the interest to be cancelled so the payments would be less and as there would be a payment it would not be a default on the credit file?
    Originally posted by Tawny Owl
    Credit card companies may make temporary arrangements with you, where they may suspend interest for a period of say 6 months, but they will not do this long term, and they will, normally, report the arrangement on your credit file.

    Obviously you must ask for help from them, and tell them why.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Tawny Owl
    • By Tawny Owl 4th Mar 18, 6:16 PM
    • 18 Posts
    • 0 Thanks
    Tawny Owl
    • #7
    • 4th Mar 18, 6:16 PM
    • #7
    • 4th Mar 18, 6:16 PM
    My thanks ..you have given us something to consider..things came to a head at Christmas when I dislocated my shoulder and am still not working due to complications..just not sure what is round the courner at present and need some space before making a decision. Thank you
    • John-K
    • By John-K 4th Mar 18, 6:33 PM
    • 654 Posts
    • 1,009 Thanks
    John-K
    • #8
    • 4th Mar 18, 6:33 PM
    • #8
    • 4th Mar 18, 6:33 PM
    Hi was reading about someone who made a deal with cards instead of a DMP so things would not effect credit file. We need our file in tact as may need a morgage but cannot aford payments and high interest rates. Is there a nother way forward?
    Originally posted by Tawny Owl
    No, you either have to meet your commitments in full, or expect to have your file reflect your late or missed payments.

    That is the whole point of your credit history, it would make a mockery of the system if you get to Welch on one set of debts while preparing to borrow more for a house,

    It sounds as though you need to put the idea of a mortgage back a couple of years until you get yourself sorted out.
    • January2015
    • By January2015 4th Mar 18, 6:36 PM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    • #9
    • 4th Mar 18, 6:36 PM
    • #9
    • 4th Mar 18, 6:36 PM
    My thanks ..you have given us something to consider..things came to a head at Christmas when I dislocated my shoulder and am still not working due to complications..just not sure what is round the courner at present and need some space before making a decision. Thank you
    Originally posted by Tawny Owl

    That's a different scenario - a short term arrangement. As Sourcrates says, contact your creditors and see what they say. Years ago, I had cancer and couldn't work for almost 18 months. I phoned my creditors and Barclaycard were amazingly helpful. They stopped interest and even advised I needn't worry about minimum payments. They reviewed this every six months. I never use to check my credit files back then so I don't know what they put on the file (was more than six years ago so it's long since gone from my file). Other creditors weren't so helpful
    DFW Nerd No. 1484 LBM 07/01/15 Debt was 95k I'm driving it down
    1k emergency fund (member #84) 1k/1k
    [COLOR=Blue][SIZE=2]
    • datlex
    • By datlex 5th Mar 18, 6:20 PM
    • 1,628 Posts
    • 1,532 Thanks
    datlex
    In the past I spoke to my creditors when my finances due to redundancy were such as I could not afford my debts. They were prepared to help to make the payment affordable and importantly it did not appear on my credit report as anything other than a normal payment. Over time my finances improved and I was able to pay off all my debts in full.
    • DCFC79
    • By DCFC79 5th Mar 18, 9:48 PM
    • 31,642 Posts
    • 19,961 Thanks
    DCFC79
    I second the advice about posting an SOA, have you looked at your spending and cut back, naybe theres luxuries you can do without.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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