How Important is ICB rating now and in the Future?

[Struggling]

Hi,

Trying to decide what to do.
Mortgage circa 380k
Unsecured personal debt of circa 46k

Currently making all repayments (minimum on credit cards) on time and as per agreements. However: This is at the expense of a lot of things. We beg, borrow and steal and juggle money to make payments. Bills are paid from gross self employed earnings rather than net of tax.

Have always prized our pristine ICB rating but are wondering now, what for?
14 hour days, no quality of life, no simple ambitions for even a family holiday and
the kids are suffering in terms of home life and happiness.

Should we seek settlements / revised payment schedule with banks re the unsecured debt? Worried that fledgling business will be forever cut off from credit lines although based on current level of debt, can't see us being approved for further loans anyway.

How long does ICB blacklisting last? Will the banks hold records against us longer than the ICB?

Thanks for all help.
S.

 

[Struggling]

Hi MrDerp,

Thanks for your reply.Yes I mean exactly that. Business is new and offers a way out of a prolonged period of unemployment for my other half. Only registered as a sole trader, not a limited company. I cannot overemphasise how important it has been to spouse's self esteem, confidence etc so really want to secure it's potential growth. So for that reason and for general feeling of obligation to pay all the bills debts etc. I would like to preserve our ICB rating.

However, as said previously, this so far has been hard come by and I would be interested in other posters' opinions on what impact on ICB going forward will come from such numbers having had to restructure / default etc. Will a degree of flexibility be required or will banks continue to take a hard line against anyone with a less than perfect credit background?

I also take very serious note of the issues around Revenue and the tax liability, which is why I raised it initially.

S.