I need your advice

Discussion in 'Personal Finance' started by iamtammi, Nov 10, 2020.

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  1. iamtammi

    iamtammi New Member

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    Hi,

    I have a question I hope someone can help me.

    If you have a debt to a company and you can not pay it in full for some reason, can you just have an agreement between them?

    Thanks for the answer
     
    #1 iamtammi, Nov 10, 2020
  2. Bridget Mallory

    Bridget Mallory Active Member

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    yes, you can, it is called a debt agreement. it is a formal, managed plan which allows you to settle your debts by paying an affordable amount of money, over a set period of time.
     
    #2 Bridget Mallory, Nov 10, 2020
  3. Akwin

    Akwin Member

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    Much appreciation, I just want to ask if the debt agreement affect my credit rating?
     
    #3 Akwin, Dec 7, 2020
  4. JTuber

    JTuber Member

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    I don't think so. Missing payments affects your rating. Having a debt and regularly paying it off on time shows you are a responsible borrower so that should improve your rating. However holding way too much debts at a time does ding your rating.
     
    #4 JTuber, Dec 11, 2020
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