Step 3 Choose your debt solution 3 Can I get credit again? When you apply for credit, most companies contact a credit reference agency. There is no such thing as a ‘credit blacklist’. But if you do not pay your debts, you may find it difficult to get credit in the future. If you are refused credit, the finance company should give you reasons why they turned you down and tell you if they used a credit-scoring system. You also have a right to ask if they used a credit reference agency. The finance company must give you the agency’s name and address. To get a copy of your credit report, contact the credit reference agency and fill in an application form. You can usually apply in writing, by phone or online. See our Credit reference agencies and credit reports fact sheet. Credit-repair companies Some companies offer to clear your credit record if you pay a fee. These are known as credit-repair companies. Be careful. Many credit-repair companies promise to remove judgments when they cannot legally do so. If you are concerned about any items on your credit reference file, contact us for advice. Do this before signing up to any credit-repair agreements. You can complain if you are unhappy with how a credit-repair company has treated you. Complain to the company first. After that, you can refer the complaint to the Financial Ombudsman Service (FOS). Go to www.financial-ombudsman.org.uk or call 0800 023 4567 for more information. How long will it take to pay my debts back? Need a Do first This depends on which debt solution you choose. If you aim to pay your break? debts back in full, it also depends on what you can afford to pay and whether your creditors stop interest and charges. You can estimate how long it will take if your circumstances stay the same and your creditors agree to stop interest and charges. It helps to know this when you are comparing solutions to find the best one for you. It may benefit you to choose a debt solution that deals with your debts quickly. However, do remember that this is just one of several things to consider when looking for a solution that is right for you. Make sure that you think about all the advantages and disadvantages before choosing your solution. Page 83