My Possible Poor Credit Rating Affecting Household

[Unique]

Hi guys,

 

Great site....it has helped give me the confidence to confront and repair by financial issues.

 

I am in the process of compiling a letter to the credit card company I owe 6,500. I have been struggling for the last 3 years to make the minimum payments each month (sometimes having to borrow from family & friends) and have finally faced the fact that I can not continue like this. The last 18 months has participially been a challenge with the reduction of my working hours. So much so I rented out my flat and moved in with my brother and his wife to prevent the loss of my home. I've tried to borrow against my home to pay off the card as well as applying for a personal loans, all were denied (thankfully so, now that I am a bit more educated by the advice I've read on this site)

 

I've read that by writing to the company I am in debt to asking for them to freeze interest and accept a monthly payment that I can afford could damage my credit rating. My concern is that I don't wish this to have a detrimental affect on the credit rating of my brothers household possibly causing them to have issues gaining credit in the future. Is there anyway around this?

 

Thanking you in advance for your replies.

[citizenB]

Are you on the electoral roll as living in your Brother's home ?

 

Have you let the creditor know of a change of address, or are they still under the assumption you are living at your own home ?

 

Do you have any other credit that you have applied for whilst living at your Brother's home ?

 

Creditors / utilities/electoral roll will update your Credit file to show you living at the new address if you have advised the change.

[cerberusalert]

It will have no affect on other members of the household unless they have a financial link with you i.e joint bank a/c. It is illegal to blacklist an address, a credit file is on you as a person not the address.

[BRIGADIER2JCS]

Exactly the ''credit rating'' is on the individual not an address.

[Unique]

@CitizenB, I am not on the electoral roll at my Brother's address.

 

I have notified my creditor with my change of address but not the fact that I am know longer living in a home owned by me.

 

I have not applied for any credit since living at my brothers house. Only for a new bank account as my debt is with the same company I bank with so don't want any issues to arise once I get the ball rolling.

 

@Cerberusalert @Brigadier2jcs, that's great news. Thank you.