As long as the bank agrees with any given amout your credit rating will not be affected
You have 30 days to make payment after your billing date before the bank are allowed to report as late payment. So if you are careful you could stay in arrears for one monthly payment without affecting your ICB as you would be paying the arrears within 30 days.
What date does the loan bill on ?
The problem is that, in order to get the bank to agree in writing to a reduced monthly amount you have to miss a few payments, therefore your credit rating will be affected anyway, but again that is not a worry for many anymore, they will never be able to borrow anyway.
You can't just go to your bank and say that you are in difficulty, they will tell you that you are not until you miss a payment.
And they have a point there, if you are paying the full amount it means that you can pay the full amount Rupert7, so no excuses please.
thanks for that info iscritto,
So I could pay 29 days late each month, putting me in arrears but my credit rating would not be affected?
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