Debt and its impact on credit ratings

I have been a bit worried about my outstanding debt. I am managing all my monthly payments but I do find it difficult. I want to consider all my options but my main concern is my credit report. Are there any options that wouldn’t impact my credit rating?

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My current car finance agreement is ending soon, and I will need to get a new one as a car is necessary for work. I really don’t want to be unable to get finance.

There are lots of good options for managing debt, however, these will affect your credit rating.

If you make an arrangement, either through the Debt Arrangement Scheme, or through an informal arrangement with your creditors to reduce your payment, it is very likely this will be recorded on your credit report.

The creditors will issue a default notice to the credit reference agencies when contractual payments have not been made. They might also log the payments as late if they are lower than expected under the original contract.

This does not mean you cannot get a new car finance agreement, but it could make it much more difficult.