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I am new to this forum so apologise if what i am asking has been covered, i have read through the mass of information on here but there is a lot to take in , i am about to try and reclaim about £15k of debt from HSBC and Egg Credit cards using a recommended firm of solicitors, my main worry would be any adverse ratings on my credit history if i was successful in having my debt cleared due to the cards agreements being unenforceable, has anyone who has suceeded in having their cards rendered unenforceable recieved any negaitve or adverse credit rating? When asked on here if this may be the case this seems to go answered, is everyone in the process of doing this so there is no real knowledge as to changes in their credit rating? or have a good number of people been successful in their claims and experienced problems or been fine with no credit score being lowered?can anyone elaborate? Sorry for all the questions but i have read on a few website that the firms claim "We will take all steps possible to ensure an adverse credit rating is not made against you" , is £15k worth this risk? thanks in advance M.
Hi GuidoT i appreciate your repsonse, the fact i have credit cards with £15k on would damage my credit rating do you mean? i have not started any claims as yet, have your started any claims yourself?
The point is yeahyeah that the minute you fall behind in payments they start defaulting you and that is even if you are making a good effort to pay it back. Personally I think it is worth the battle, the trouble with these companies is they don't play fair, pass your account to DCA's and you find even if you are making best efforts to pay, the debt will be going up not down. If you look at my thread re:MBNA, you will find that I have just won my battle yet they are refusing to repair my credit rating, this is despite their not having any credit agreement, I am still glad I went into battle against them as I am not skinning myself by paying them £60 per month, I haven't finished with them not by a long chalk!
miss muppet that is a very interesting post and very much appreciated, at present i am not behind in payments, just of the opinion if the debt can be written off with no adverse credit rating i will do it, if not i will persist in slowng paying back, i want a mortgage soon and do not want a hicup now, i will look at your thread over the weekend and thanks again M
Hi GuidoT i appreciate your repsonse, the fact i have credit cards with £15k on would damage my credit rating do you mean? i have not started any claims as yet, have your started any claims yourself?
That you have credit cards with £15K will only improve your credit rating, however if you start to pay late then your credit rating will be affected, once you default you need to be prepared for the fact that they will play merry hell and trash your credit rating whether it is correct to do so or not. They play dirty. It takes a while to repair the damage to your credit rating.
The decision is yours, if you plan on obtaining a mortgage or something similar soon, then you should try to keep your credit rating as clean as you can.
I have no credit card claims, my claims are all bank charge related.
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I find it ludicrous that if you have credit cards it only improves your rating, i know you are correct guido, i know that without applying for credit you would have no rating, but what would happen if you never needed credit or just relied on your income etc and never liked credit cards etc, you would in effect have a poor rating, the system seems flawed but who am i to judge, i am also in the process of bank charges but i do not see much hope with that, at best i will get some overdraft fees back which will be worth while, i am becoming less inclined to start the credit card scenario due to wanting a mortage in the next 6 months or so all being well M
If you plan on obtaining a mortgage then keep up your credit card payments, otherwise you will have great difficultly obtaining a mortgage or pay an unduly high rate. I think you know all this already though.
I despise credit cards, but used them in the interest free heyday (credit card tarting) and this helped build my credit rating, I have mortgages of around a £1M now all on low rates, one is 0.7% (0.2% above base with no collar).
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guido you seem to have a mind for business, i have 2 business,s but i,m a little green on mortages but will soon find my way but i have good people around me thanks again, hopefully more people will post their findings and opinons M
Unenforceable credit agreement Credit Ratings
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Originally Posted by yeahyeah34
