Question

I was recently made redundant, and while I am receiving Universal Credit, it is not enough to pay the bills I have.

I called my bank and my credit card and they said they would allow me 60 days to find out what my options are and to seek debt advice.

So I do not have to pay payments for 60 days, but will this affect my credit score?

Regards,

L

Answer

L,

It is unfortunate you were made redundant, hopefully you will find suitable work soon. As the economy begins to get back to the new normal, more jobs should become available.

Many lenders and creditors are offing a “breathing space” for those in debt to sort out their finances. And while this gives you time to find advice and your debt options, it does affect your credit, as the accounts will show missed payments.

Your credit history has to be an accurate picture of how you have paid the accounts.

Did you receive any redundancy money?

How much in total do you owe?

I ask as you may be able to look at settling the accounts for less than the full balance.

Regards,

Jon

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