Would reducing my monthy repayments with my creditors affect my credit rating in future?

Yes it would, but not as badly as a missed payment, a county court judgement, or bankruptcy.

The trick with reduced arrangements, is maintaining normal monthly payments UNTIL you get it in writing from the creditor that they accept your reduced payment arrangement. On your credit file, it will then show that you were up to date with normal monthly payments (which shows as 0 - which is good) until you went into a reduced payment arrangement which is I (i).

Obviously for most people, maintaining normal payments is just not an option, if they REALLY need to go into a reduced payment arrangement. A missed payment will show on your file for 6 years and will make it difficult, but NOT impossible to get further credit.

If this is just a temporary problem, and has a valid reason, like loss of job, redundancy or illness, it is possible to put a Notice Of Correction on your credit file after the event to explain the reason for the arrears, so when a new lender looks at your file they will take into account the reasons for the late payments.

For Notice Of Correction entries see www.equifax.co.uk, or www.experian.co.uk

For FREE (please please don%26#039;t pay) financial advice try CCCS or Payplan, I think both are www.cccs.co.uk and www.payplan.co.uk

Good luck x

Would reducing my monthy repayments with my creditors affect my credit rating in future?

Yes, you could show as defaulting even if under an agreement, and you will be in debt longer, get a second job and get the debts paid off

Would reducing my monthy repayments with my creditors affect my credit rating in future?

no. as long as your not missing payments or underpaying.

Would reducing my monthy repayments with my creditors affect my credit rating in future?

as long as you%26#039;re satisfying the terms of the loans you should be O.K. paying more or sooner would improve your rating.

Would reducing my monthy repayments with my creditors affect my credit rating in future?

Not if you make reasonable arrangements with them.

Would reducing my monthy repayments with my creditors affect my credit rating in future?

Emma T should get 10 points.

Would reducing my monthy repayments with my creditors affect my credit rating in future?

Go to a reputable debt managment company, they will help you sort through things. you will be unable to get credit for three years but then you are debt free and can start over again, hopefully making the right choices with your money this time.

Would reducing my monthy repayments with my creditors affect my credit rating in future?

if you reduced them below the minimum, then yes. otherwise no, it would probably improve your credit limit with them because they like people who only pay off the minimum and earn them lots of interest

Would reducing my monthy repayments with my creditors affect my credit rating in future?

You need to make at least the minimium payment according to your agreement. This will keep your account current. However this amount may not reduce the principal that you owe, so it is a good idea to pay more if possible.

Would reducing my monthy repayments with my creditors affect my credit rating in future?

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