Topic: My IDA and experian/equafax

[albowski56]

Hello,
         I am currently in a debt arrangement and included all the creditors that were sending me correspondence. However after checking my credit score on experian/equafax I noticed there were only a couple of my creditors on there and my indicated debt was less than half of what I'm paying in my debt arrangement. Would it be possible to cancel my current IDA and begin a new one which only included the debt these websites say.


                       Any help is appreciated, thanks folks.


                                                       Al

[Steven Jackson]

Hi there
 
One of the benefits of a debt management plan is that it is totally flexible. You can ad creditors at any time. Are you working with a debt management company or doing the plan yourself? If you are working with a company, you simply need to contact them and they will sort everything for you.
 
I am surprised that your credit file shows different levels of debt to those which you first thought. Is it just the amounts that are different or the actual creditors?

[albowski56]

Hey Steven,
                Yeah I have a specialised company dealing with things for me and a money advisor through the local council. Its actually the amount of creditors mate . One of the creditors on my IDA is showing satisfactory on experian although I've only made 8 payments which wouldn't settle the balance. Also there are creditors I am currently paying that are due to shared utility bills that I will have no help in resolving from the people I shared with. These utility creditors are not showing on my credit report so I was wondering if I could cancel my current arrangement and begin another one with someone else to pay off the debt I have incurred on my own and that is showing on my credit report. Hopefully the money I have already paid on the utility debts will cover what my share was for peace of mind.



                            Thanks again, Al
               

[Steven Jackson]

Hello Al
 
When doing a debt management plan, you should definitely focus on the debts that are in your name alone and showing on your credit file. Get these sorted first as these are the ones which are going to effect your ability to get credit in the future.
 
If you think you have other debts such as the shared utilities, the key is whether they are actually taken out in your name or not. If your name was not actually on the bills, then those creditors will not chase you and in fact will probably refuse to deal directly with you.
 
Have a word with your debt company about the changes you want to make and they should do the work for you. After all I guess they are taking a monthly management fee from your payment.