Payment arrangements

ferry

How long do 'arrangements to pay' stay on a credit file?

Also,how are they viewed by potential creditors if more than 3 years old?

Thanks
Ferry

surrey_jim

arangements saty on your credit file for as long as they are active and 7 years after settled.

it would show on your credit file as an arrangement agreed (when started and utd with it), arrangement defaulted (when not met) or arrangement settled

YorkshireBoy

I have no idea, but to give you something to think about...

The longest history on my file is my mortgage (held for far more than 6 years).

Experian show it as:

Status History: 000000000000

In the past 36 months of account activity the number of status 1-2 is 0 and the number of status 3+ is 0


Equifax show it as:

Monthly Status: 000000000000000000000000000000000000000000000000

(to save you counting there are 48).


I believe that the 'arrangement to pay' might have a code letter (in place of a zero for example), as opposed to being listed separately as defaults and CCJ's are.

If that is the case, then it looks like an arrangement to pay older than 3 years might not be recorded on Experian, but will be recorded (up to 48 months) with Equifax.


DISCLAIMER: The above is my 'logical' conclusion. For the definitive answer you really should contact the CRA's, and preferably in writing.

YorkshireBoy

surrey_jim wrote: »

arangements saty on your credit file for as long as they are active and 7 years after settled.

it would show on your credit file as an arrangement agreed (when started and utd with it), arrangement defaulted (when not met) or arrangement settled

I think you're referring to an IVA? OP seems to have a (less damaging) 'can I miss a couple of payments please' or 'can you reduce my payments for a couple of months please' type arrangement with the lender.

...and the 7 years you mention is 6 years isn't it?