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NSW Agree to Consent Orders - Will it Affect Credit Rating?

Discussion in 'Debt and Bankruptcy Law Forum' started by CMW, 28 August 2014.

  1. CMW

    CMW Member

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    I agreed with the Plaintiff about the amount of debt owing ,however requested time to pay which the Plaintiff has agreed to. The Plaintiff is asking for a consent orders to be submitted to the court, but no mention of the agreed payment terms. Is this a problem? And does a consent order have any affect on credit rating or a future credit check?
     
  2. Sarah J

    Sarah J Well-Known Member

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    Hi CMW,

    A consent order, in itself, should not affect your credit rating. It is merely a way of ensuring the legal enforceability of an agreement reached by two parties. A consent order then becomes treated by the court like a judgment.

    Whether or not your credit rating is affected depends on whether you default on the debt (agreement) or not.
     
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