Rescheduling your loan does not impact upon your credit rating. Only missed payments. But this may depend on your lender. Quick Google only
https://www.buddyloans.com/blog/a-quick-list-on-what-does-and-does-not-affect-your-credit-score/

My cc company a while back offered to convert my cc into a loan. Didn’t take them up on the offer but perhaps should have. One would assume such a deal would not affect credut rating.

My cc company a while back offered to convert my cc into a loan. Didn’t take them up on the offer but perhaps should have. One would assume such a deal would not affect credut rating.

Indeed. Although you’d have to consider carefully whether it’d be a better deal over the term of the loan.

I`m not going to sell the house as I would only be able to get somewhere smaller and I have two boys that will be growing and need to keep the house as i get £400 per month from a lodger which I couldn’t have if i downsized. The mortgage deal I could swap to is with Leeds building society and i can do an online product transfer as within 3 month of my current deal ending.

Monkysfeet not sure where it says it on that page??

If you enter in to a voluntary agreement with a CC or loan, you have not met the terms of the credit agreement, therefore it is a negative on your credit file.

It only stops being a negative when the debt is cleared, or you pay the outstanding debt, and continue making payments at the original value. At that point the 6 years start counting.

The only problem is oi have a final salary pension that everyone says is ridiculously good and mustn’t loose.

Your final salary scheme will not be “witjdrawn” if you stop paying into it – your payment is a voluntary top up (I had a scheme like that). Now you must check that is the case before you even think about stopping paying in as final,salary schemes are largely no more. I like others sugegst you keep your pension if you can and cut down on lifestyle if necessary.

Interest rates are at an historical low so now is a good time to get things in order and pay down your debt before they rise in the future (possibly a good few years away)

Rescheduling your loan does not impact upon your credit rating. Only missed payments. But this may depend on your lender.

theoretical yes, and I think only if you maintain the interest. in practice, if they stop the interest you’re credit rating will be poor.

I think I will have to get the mortgage deal swapped / agreed and signed off, then contact the CC companies and get the payment plans agreed and interest held. It’s not the end of the world it’s just going to take a few years to get sorted.
I am thinking of locking my mortgage in for 10 years while the rates are so low so it gives me long term stability.

I know this doesn’t help the OP in any way shape or form but I have a similar income to him and my total outgoings on loans, credit cards and mortgage is £170 a month and I worry about that! 🙂

Good on you Rockhopper, you the man.

🙄

Fancy swapping Rock hopper?

I know this doesn’t help the OP in any way shape or form but I have a similar income to him and my total outgoings on loans, credit cards and mortgage is £170 a month and I worry about that!

ZOMG I want you inside me

It’s not the end of the world it’s just going to take a few years to get sorted.

That’s the attitude that will get you through it mate. Good luck, and do take advice on MSE too. Someone else recommended CAB as well.

No bike bits for a while 🙁 😀

I know this doesn’t help the OP in any way shape or form but I have a similar income to him and my total outgoings on loans, credit cards and mortgage is £170 a month and I worry about that!

Pretty insensitive post that, I’m sure that hasn’t helped the OP feel any better.

Has anyone mentioned doing an evening job, like Bar work for example?

When I was young and skint, I’d do whatever I could to earn more money.

And Rockhopper what you’ve failed to mention is that you’re in the position you’re in because of an inheritance, not through your own ability to be debt free. At least the OP is attempting to pay off his mortgage.

BUDGET. BUDGET. BUDGET!!! The numbers you provided just don’t look realistic to me. You are spending your emergency pot because it doesn’t actually exist yet, you haven’t been thorough/honest/realistic with your budget planning.

Please, sit down and do a proper budget as mentioned already. Every single penny spent needs to be written on that budget.. If you buy your boys a treat on a regular occurrence it needs to be on that budget, if you buy a pint once a week it needs to be on there somewhere, etc.
Once you have included EVERYTHING (it really really needs to be everything) then there may be small cut backs available on trivial items but you are not being realistic until you have a real living budget!
Even when you think you have been realistic, there will still be other things that pop up that you have forgotten about, add them and create a new budget immediately. It’s a very scary process when in debt BUT it is the only way to find solutions.
You will feel relieved once it is all written down regardless of how bad it looks.

P.S. Do a budget :0)

I know this doesn’t help the OP in any way shape or form but I have a similar income to him and my total outgoings on loans, credit cards and mortgage is £170 a month and I worry about that!

if it helps, as a counter to this, I have around £70k being ‘paid off’ under a DMP, not including my mortgage, and I’m not particularly worried. Circumstances change, as mine did leading to this and debtors are reasonably happy if you make some effort to meet them part way.