If I have a defaulted debt of £5000, but currently making payments, is this going to stop me getting credit?
450128
There are a lot of companies out there that do "consolidation" loans that I believe you are thinking about.\n\nThis type of loan often gives you enough to pay off all your smaller debts and can give you some extra money on top.\n\nNormally though they require collateral (IE a house) but a lot of the companies do take people with less than perfect credit history.\n\nStick on your TV and you'll soon find an advert for a company of this type.
681461
Depends on your creditworthiness and you debt to income ratio. Basically, if you are of good credit character (pay on time) and can afford the payment (debt versus income) then you shouldn't have a problem.
833164
Try Consumer Credit Counselling Service (0800 1381111), National Debtline (0808 8084000) or Citizens Advice (www.adviceguide.org for advice or to find local bureau). They all give free advice and can negotiate on your behalf with creditors.\n\n"Debt management companies" are profit-making organisations who WILL charge you, so avoid them.
729576
No, but its not very sensible as you are continuing to mount up interest charges.  Contact them and see if you can come to some arrangement which will make it easier to pay.  \nDONT IGNORE IT ANY LONGER!!!!
910666
If it goes past due...it will hurt your credit score. Ask them if you can make an interest only payment...that should help with a little extra cash and also not hurt your credit. If they agree, make sure you first ask if they will report it as a delinquent payment.\n\nMike\n\n================
948011
no they will cut the benefit,so you repay the outstanding balance back - i.e 5 pound a week etc.
135788
Depends how much you owe and what your credit looks like, probably not good right? Talk to a lawyer or someone who knows about bill consolidation.
258516
You can't.  You wil have to pay off the loan or have YOUR credit affected by a default.  You've just learned a great lesson about cosigning loans.
136683
If you can't afford to pay off the current student loans, how are you going to pay off a new consolidation loan?  If you default on that one, your credit history will get worse!\n\nWho has listed the loan on your credit report?  The collection agency or the original creditor?  Exactly when did it go into default?  How much do you owe?\n\nHere is my thinking.  First, blow off the collection agency all together if you can.  It doesn't matter what you say to them, your excuse is never good enough.  They will still want your money NOW and will only harrass you.  Send them a letter to quit bothering you, then contact the original debtor.\n\nTry to work out a deal with them to pay it back, but ONLY if they agree to remove the negative marks on your credit report and show the loan is paid in full.  The only reason you are paying them is to get your credit history fixed, but many times the creditor will leave the bad mark on your record.  Get the agreement in writing before you start paying them back.\n\nGo to the links I've supplied below for more information.  \n\nGood luck, I've been this route.
1178845
Go to one of these and your credit is done.  It will be the same as filing for bankruptcy when it comes to buying a home.  They can get your debt reduced, but this is how they do it.  First they tell you to stop paying your payments (there goes your credit), then when you are about 3 months behind they contact your creditors and make a deal to take less.  If you send them the money sometimes it doesn't get paid anyway.  IF you use one, be very careful.  You should just pay your debt for yourself.  A good book to read that will help you get out of debt is "Total Money Makeover" by Dave Ramsey.
877661
if you have a house or any joint property the creditor can place a lien, the best thing to do is what you said contact the collection agency and offer them a cash settlement some take as little as 15% as a cash settlement MAKE SURE YOU KEEP PROOF OF PAYMENT collection agency don't like reporting to credit bureaus so a lot of times that debt will still show up years after you have already paid it
325379
More than likely they will make payment arrangements with you.Somehow you have to get a job and pay this debt back even if it is a little at a time.
139998
you need a lawyer. However in this country even if you change your name your still liable for the previous debt.\n\nGET A SOLICITOR!
650591
Yes you are in the statue of limitations, so they can bring a suit against you.  If you have the money, you should pay them.  You may be able to negotiate down some of the fees/penalties etc, because they are better off taking a little less than going through the expense of taking you to court.  Since the debt is legitimate, you will definitely have to pay the principal and some interest.\nA judgment against you will make your credit worse than defaulting on a loan.  \nNot to mention a judgment could be used to garnish your wages.
213518
Depends on a fewthings. How much the debt is for, where the transaction too place, type of credit agreement/contract.\n\nWould take too long to describe all options here.  But in a nutshell, if it's a small debt under $5000 they will sue you in Small Claims Court.  Do a search on the web for details on how they work in your state/county.  They are all a little differant.\n\nWhat concerns me is you mention an attorney is on the case. That implies the debt is big, over $5000.  Then you will be sued in District court, which is a lot more involved and will require you get get an attorney.  If you lose, you will be paying court costs, which also increase in District Court.  \n\nGood luck.\nIf you need more specific answer or encouragement write me. I am not an attorney or credit counsoler, just someone who has been down that road and have counseled many others.\n\nStudly
321986
If I understand the question, the answer is no.\n\nAre you asking if: you owe money. you offer to settle for less than is owed. if they say no, they have to live with only what you have already paid?\n\nIf so, of course not.\n\nAs long as really really owe the money (or if it has been legally determined that you do) the collection company can settle, or it can do what it can to collect the whole amount from you.  Collection agencies often agree to accept less than they have a right to (say, to forgive interest, or cut the amount a little) because it is cheaper than going through the effort of collecting.  But they don't have to.
728068
No, it would clear my debts and leave me £20,000 which is enough to lose me my benefits but not enough to do anything with. I would not turn it down though