Arrangement to Pay (AP)
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I personally would close it unless it's your only credit card - closed / settled accounts aren't weighted nearly as heavily as your active accounts when it comes to credit scoring
You'll find on Experian that there is an "Arrangement" special instruction indicator against the account if you have another look
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I personally would close it unless it's your only credit card - closed / settled accounts aren't weighted nearly as heavily as your active accounts when it comes to credit scoring
You'll find on Experian that there is an "Arrangement" special instruction indicator against the account if you have another look
Had another look and there definitely isn't. Nothing to indicate anything other than me paying back on time, well below my credit limit etc.0 -
Some great information on this thread, however someone asked on it if the company had to inform you that they were going to put an arrangement to pay on your account, is this the case and if they havent can it be removed?0
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Some great information on this thread, however someone asked on it if the company had to inform you that they were going to put an arrangement to pay on your account, is this the case and if they havent can it be removed?
They don't have to specifically state that "We will be placing an arrangement marker on your credit files". They may have said that not meeting your original T&C "May affect your credit rating". If the marker is there despite the account being kept up to date as per the original terms then it is incorrect data and can be removed.
If however it reflects the fact that customer did indeed agree a reduced payment plan with the creditor then it remains in place, as it is factual data.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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Thanks for the reply. To be more specific in 2008 I had a problem 1 month with my mortgage I called them and explained this and they offered the option of paying the month over 6 months but made no reference to putting this marker on my credit file, I can understand them marking is as a late payment which they did but not this marker. It shows on my credit file as satisfactory and all green now but this seems to be the only thing affecting me obtaining credit now. Doesnt seem like I can do much though.0
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Unfortunately in your case the data represents exactly what happened. So it stays I'm afraid.
They wouldn't ask your permission before marking a payment as late, the same applies here. And in any case, late payment markers would be worse than an AP, as the AP shows you addressed the problem instead of ignoring it Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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Thanks for the reply. To be more specific in 2008 I had a problem 1 month with my mortgage I called them and explained this and they offered the option of paying the month over 6 months but made no reference to putting this marker on my credit file, I can understand them marking is as a late payment which they did but not this marker. It shows on my credit file as satisfactory and all green now but this seems to be the only thing affecting me obtaining credit now. Doesnt seem like I can do much though.
You could always put explanatory notes on your credit file, explaining what the blip is, it might help.0 -
Thanks for all the replys its appreciated
. I might try and put notes on explaining but like izools says it seems to reflect what happened. I actually thought it would have better to have had 1 late payment than this arrangement to pay which will stay on for years! 0 -
Thanks for all the replys its appreciated. I might try and put notes on explaining but like izools says it seems to reflect what happened. I actually thought it would have better to have had 1 late payment than this arrangement to pay which will stay on for years!
It may or may not be worth having a notice of correction on your report - as this will cause all and any applications to be referred, allowing the creditor to read the NOC.
You can waive goodbye to instant approvals with the NOC on your file and in my personal experience they can do more harm than good.
Once you've had 12-24 months of flawless history the AP that you once had on your mortgage account (it will / should show a "Special Instruction Indicator End Date") it will have next to no impact on your ability to get credit and you should be hot to trot with most 0% deals assuming all other aspects of your credit file / application are up to snuff Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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just read through this. What an excellent thread with insightful information. Might be of help to a few.£29,500+ of debt cleared Jul 2010 >> Dec 2011.....
Now facing same again with £65,000 :mad:0
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