Author Topic: small debt  (Read 894 times)


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small debt
« on: Feb 14, 2011, 11:54:08 AM »
Hey everyone,

Just thought I would ask for some advice. I have a small debt that adds up to £1144 and im really struggling to pay as  im not currently working. I could really do with getting rid of this as soon as possible, i dont want my credit score to be damaged too badly. Please help!! Thanks!!



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Re: small debt
« Reply #1 on: Feb 14, 2011, 12:15:48 PM »
Hi Sam,
Sorry to hear of your mis fortune,  Have you informed the credit company of your change in circumstances, They may allow a payment break or a reduced payment for a period whilst you get back on your feet.
Ashley Park Debt Solutions Ltd


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Re: small debt
« Reply #2 on: Feb 14, 2011, 09:24:00 PM »
Unfortunately if you can't afford to maintain your payments it will affect your credit reference file, any missed payments, a default notice or even a county court judgment will affect your ability to obtain credit for a 6 year period. If you are unemployed and can no longer maintain the minimum payment contact National Debtline on 0808 808 4000 who are a charity and ask about Cashflow.

Cashflow is a way for you to enter into an agreement with your creditors who can agree to accept your offer of repayment and agree to freeze interest and charges, ( creditors have agreed to comply and signed up to this but only for a period of time to allow you to get back onto your feet) however your credit reference file will still be affected.

Hope this helps!

If you are really concerned about your credit reference file being affected then its essential you meet the minimum repayment, I'm not sure what it is but it may be achievable depending on your living status.

Good Luck !

Supporting 'Practical Debt Advice' by Elizabeth Mc

James Falla

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Re: small debt
« Reply #3 on: Feb 15, 2011, 06:00:55 PM »
Hi there Sam
As the other posters have said, if you can not afford to maintain the agreed monthly payments towards your debts then you will be at risk of getting default notices against you which will negatively effect your credit rating.
As such, if you can not afford the payments, then the primary concern should be resolving the problem rather than worrying about your credit score. Can you afford to make any money available to your creditors? If you can afford £75-£100 a month, a debt management plan might be an option. If not, then I suggest you consider a debt relief order which would mean that your debts would be written off within a year.
Debt Expert & Author