Debt, what happens to your credit rating when writing to your creditors asking for a 6 month payment break?

Having had a few home emergencies, car going majorly faulty, boiler breaking down. I have had to take out extra loans. But am struggling to make the payments and am going further into my overdraft. Just wondering if anyone has done this as advised by citizens advice.

Debt, what happens to your credit rating when writing to your creditors asking for a 6 month payment break?
You could ask them for a payment break although they are likely not to agree (depends on size of debt). If you offer to make reduced payments or for them to freeze the interest on any loans for a periods of time they are more likely to agree and not lodge defaults on your credit file. These are Voluntary Arrangements.





You will get the best advice from the CCCS (Consumer Credit Counselling Service) they are completely impartial, you also get a personal adviser who will calculate what you can afford to pay and suggest what you approach your creditors with... and the service is free as they are a UK charity.





www.cccs.co.uk





Good luck, I hope you get things sorted out.
Reply:i seriously doubt that they will give you a 6month break; some will give you a month (2 at most) but it doesn't hurt to call them up and ask





Let them know that you are having financial hardship and you are willing to make every effort to pay them back
Reply:if it is a pre agreed hiatus in instalments then it shouldnt affect your credit rating............for every failed direct debit you will get a credit rating impact and they measure number of late payments.........u could go to experians website......get a free trial and look at your credit report