Debt Agreement (Part 9) Vs Bad Credit
So this is my situation:
I got an injury at work in March 2017 and still under rehab period with Physio until now. My company terminated my job while I injured. They did not pay any compensation for me for the last 3 months so I approached Houndslow Lawyer to help me to get compensation. On 28 of July, the insurer has to give me the accept/reject. If they reject the claim, then my lawyer will push it to court (no win no fee).
My finance situation: I have a total of ~16.5k (Commonwealth, GEM, CreditLine, and Ezipay) of credit and personal loan which I could not pay for the last 3 months since I have no income. Commonwealth already offers 3 months lower interested fee, no late fee, and no collection call until the end of Sept 2017. Only Gem/CreditLine (Latitude Finance) is refused to offer hardship. While I tried to call them and ask for 45-60 days of no collections or delay payment, they refused out of the blue due to I have no income at the moment and I have so many things that I have to pay monthly (my wife is helping me to pay all the bills and groceries for the last few months). They said that I should call them back when my situation gets better and I have some income (It make little sense to me anyway).
My Credit score is just above 500+ point
I have applied for Uber and will get their answer after they completed my Criminal Check. Expected to be next 10 business days.
My first born will be due on September 2017
Now I have 3 options:
Some companies offer me paying 60-70$/weekly for the next 5 years, kind of consolidated debt. No interest and no collection phone call anymore. After 5 years, my credit report is cleared. Consequences are I have no borrowing power for the next 5 years, I may have some trouble with some employment, I need to request for an oversea trip until the end of my agreement term. Even if I paid out all of the amounts sooner, I still need to serve 5 years of no borrowing power.
As Commonwealth offer me a good gesture, I will try to pay them as soon as I can. But for Lattitude, I leave it and accept to be Default. I will also need to serve 5 years of no borrowing power but I no need to pay the money. If I want to, I can use credit repair services to pay some of the debt and get rid of it.
Trying to pay the debt with whatever income I have, from Uber and best cases, from winning the law suit against my previous employer. I still need to pay for the high interest over the time.
And with personal loans like CreditLine and EziPay, how is it affect my credit score and if i pay them out, will my credit score get better faster?
Thank you for reading