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Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

17th Jan 08 at 10:25

Got a few questions about a few different things....

Basically I have had issues in past that have caused my credit rating to be pretty poor, infact shite. Never had any ccj's just tons of missed payments etc

Having lost my job last year and not actually starting this job til late last year I have missed loads of payments on a loan (buried head etc). Had a letter from bank saying last 7 days til they pass on to debt place and that they are willing to write off alot of what is owed. (Owe about £3200 on this last loan), was wondering if anyone's ever taken them up on this offer (I know most don't let things get this far

) and if so what would it do to my credit rating?

I may well just let them manage my account from this month for a couple of months to get it all paid off, just thought i'd look into what people think of getting some of it written off (with a view to changing banks)?

Robbo

Member

Registered: 6th Aug 02
Location: London
User status: Offline

17th Jan 08 at 10:28

I'm not sure of the legalities or what not bud but I can't imagine it would do wonders for your credit rating... that said depends how much they want to write off... if you could get yourself a credit card in future to just use to help build a credi tprofile again it may see you right

hack3tt

Member

Registered: 4th Jan 06
Location: Coventry
User status: Offline

17th Jan 08 at 10:34

I did a pretty similar thing to you, burried my head in the sand and let things get out of control.

No ccj's or anything just late payments.
Fortunately i realised the error of my ways, i was 8.5k in debt with 3 different loans.
I contacted the lenders spoke to them and managed to get things sorted directly with them.
It took me 18months of tight cash but it meant i was debt free.

I now have just taken out a mortgage and my rating has improved.

My advice would be if possible avoid the write off option as i ex[pect it wont help your credit.
Speak to the bank, ignoring them never helped me and once i spoke to them they were actually a great help. THey want their money and will take what they can get.

Sorry for rambling on!!

[Edited on 17-01-2008 by hack3tt]

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

17th Jan 08 at 10:35

That's what I'm thinking mate, I am going to look into opening another account tomorrow with a different bank. HSBC are numpties and in the past have not been very accomodating in terms of paying stuff back and still being able to live etc

My credit ratings very poor anyway so I am thinking I need to pretty much start from scratch and it would be nice to have no official debt at all as a starting point (would just lend the settlement figure from my old man or something).

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

17th Jan 08 at 11:12

The credit rating will already be affected if you've missed payments. Settling it at least draws the matter to a close, both from the point of view that the debt has gone and from a recording point of view that you have done something about it.

If they've offered you this then personally I would take it and make them an offer to settle. Even if it means borrowing to do that, you should really be in a better position than you are now.

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

17th Jan 08 at 12:08

That's what I was thinking re missed payments and credit rating already suffering the brunt of the damage from that.

Not proud of this btw, was just not in a position to do anything about it with other even more pressing commitments and no money at the time

Toby

Premium Member

Registered: 29th Nov 05
User status: Offline

17th Jan 08 at 15:30

you should clarify what they are going to do cos they could black list you means your not going to get credit for about 7 years

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

17th Jan 08 at 15:35

They can't 'blacklist' me via this process I don't think.

p4uls corsa

Member

Registered: 2nd May 05
Location: BRADFORD
User status: Offline

17th Jan 08 at 16:31

quote:
Originally posted by CorsaB4ever
you should clarify what they are going to do cos they could black list you means your not going to get credit for about 7 years

Thats nonsence, i was blacklisted in 2006 and i still managed to get a mortgage/credit cards this year.

hope you get it all sorted tom

Ally

Member

Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline

17th Jan 08 at 17:53

Find out exactly what they have offered - it may be a volentary bankruptcy thing, which you should not go for unless you have absolutely no option!

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

18th Jan 08 at 01:32

Doesn't even sound that complicated - just sounds like an arrangement between Tom and the lender to settle it. I would imagine if they've piled the interest the the debt is larger than it ordinarily would be, so they're normally happy to move on that. Plus they know they'll lose money selling it to a recovery agency so they just deal direct if it's not such a massive debt and if you are showing willing. Best of luck.

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

18th Jan 08 at 14:09

Thanks guys, gonna call them in the morning to discuss :S

Touch wood I can settle easily enough

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

18th Jan 08 at 14:10

quote:
Originally posted by p4uls corsa

quote:
Originally posted by CorsaB4ever
you should clarify what they are going to do cos they could black list you means your not going to get credit for about 7 years

Thats nonsence, i was blacklisted in 2006 and i still managed to get a mortgage/credit cards this year.

hope you get it all sorted tom

BTW how did you end up 'blacklisted' and how did you build your credit rating back up?

Twiggy

Member

Registered: 15th Oct 04
User status: Offline

19th Jan 08 at 05:50

they wont want to sell to a debt collector so to speak as i think they get about 10p in the £1....

Its in their interest to short settle....

[Edited on 19-01-2008 by Twiggy]

TNM

Member

Registered: 5th Apr 04
Location: Nottingham Drives: VW Tiguan
User status: Offline

24th Jan 08 at 20:18

what did you do Tom?

willay

Moderator
Organiser: South East, National Events
Premium Member

Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline

25th Jan 08 at 08:12

gluck tom

Tom

Member

Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline

12th Feb 08 at 15:34

Boxed off

Got a managed loan with them with no overdraft or anything but but have just opted to pay quite a lot every month with the option of paying big hcunks off at other times in year (i.e. quarterely bonus time) so it'll all be clear by the summer hopefully.

Then i'll be debt free for the first time since being 18

and my credit rating can start to recover also

Have left myself enough to still have a life every month and should able to move back out after the summer also