Credit Rating Improvement

Spangles

Spangles

Spangles

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Joined
20 Jun 2012
Posts
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Location
Polegate, East Sussex
Basically the title says it all. I am starting a new job at the front of next month and will be decently paid. Have a few debts with Halifax & Barclays all because of overdrafts. Is my best option paying these off or keep hiding (been about 4 years)

Me and my partner are currently renting but eventually want to buy, so I need to get my credit score back to half decent.

Anything I can do to improve this? (I will be able to afford to pay off previous debts with a monthly payment of roughly £25 each)
 
Il offer what I did many years ago, which i am not proud.

I got myself into financial difficulty mainly due to a bad purchase with my ex girlfriend, we bought somthing for 28k, sold it after we split for 21k I had laid out another 6 k on said item and I gave her back all of her money while i took the hit of 7k + 6K.

long story short is outgoings diddnt match my incommings, i was young and very naieve. I walked away from around 30k debt, all unsecured.

I am literally about 6 years later to the day and now 27 years old, I have been chased for the money via post at each address i moved to, however i have still managed to keep my current account and a small limit credit card, I have lived life how I want to to be honest, 6 years on the defaults are disapeering from my credit file.

I do regret it as had i known the path my life would take I would have been in a position to buy a house a few years ago now, sadly I cannot get credit for one but it will come back.

in your case it would depend on the value you owe, a few hundred? sure pay it back, thousands of tens of thousands, I personally would save for 2 years and let the defaults clear themselves.

Ross

Edit - Yes to all you haters.. I caused the credit crunch.
 
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Harbourite said:
Basically the title says it all. I am starting a new job at the front of next month and will be decently paid. Have a few debts with Halifax & Barclays all because of overdrafts. Is my best option paying these off or keep hiding (been about 4 years)
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In what context?

Morally you should pay them off, it's essentially theft otherwise.
 
Please no one do what a couple of posters here have done.... If you have a debt, you dam well pay for it. I really hope op never gets his rating back ever, some people can't be trusted with money that isn't theirs
 
Pay off your debt, Keep paying all bills on time, and use that credit card you have there to improve your rating. Keeping in mind it needs to be paid on time everytime in full(no minimum monthly payments)

I have really bad credit, Never from running from debt, just from amounting it and only being able to pay it off in tiny chunks(spent a few years unemployed)

Basically just stand up and be responsible. Otherwise you'll spend your whole life struggling to get by as no one will offer you any sort of financial support(mortgage, finance,contracts)
 
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Not paid an overdraft for 4 years?

Hmmm, there will be a mountain of CCJ's and ignored court orders waiting for you.

Don't expect to get a mortgage for the best part of a decade.....
 
kitch9 said:
Not paid an overdraft for 4 years?

Hmmm, there will be a mountain of CCJ's and ignored court orders waiting for you.

Don't expect to get a mortgage for the best part of a decade.....
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At least. My cousin got himself into a few k of debt when he was at uni when he was 21... (debts on cards, not just student loan)

Now he's 32, paid off his debts, student loan and is on a good wage. He cant get a mortgage for jack
 
OP, how much are we talking about and how long have you not paid them for? Do you have any CCJ's?

If you ever do get a mortgage the rate will be hilariously steep.
 
Start out by getting your credit reports from Experian, Equifax and Call Credit to see what is actually recorded there. Get the £2 statutory reports from the first two and use noddle.co.uk for your Call Credit report.

It would also be helpful to list the credit agreements you currently have (overdraft, loan, credit card, phone contract). Having even a year of well-managed card history more recently will be quite positive for your creditworthiness.
 
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Flukester said:
Please no one do what a couple of posters here have done.... If you have a debt, you dam well pay for it. I really hope op never gets his rating back ever, some people can't be trusted with money that isn't theirs
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The one good thing is that if he's been "hiding" from his debts for 4 years, it will be clearly visible on his credit reports. Any sensible lender will refuse to lend.

OP: I can't believe you're seriously asking if you should try and evade debts you have accrued.
 
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