Arrangement to Pay (AP)

_Persephone

cg81 wrote: »

just read through this. What an excellent thread with insightful information. Might be of help to a few.

I second this.

izools - did you make any progress with getting your file corrected?

pdf061072

Hi,

Just wondering if someone can clarify something for me. I had an AP on an account however the account was paid up sometime in 2008 but the AP shows right until last year on callcredit and equifax (cant see experian on checkmy file) they have now changed it to ok on both. My questions are...

a) should they have changed the status to ok as soon as the account was paid up to date

b) how do i go about getting it changed, or cant I.

Thanks for any advice.

Pete

Auksbon

Hi,

My husband had a loan with RBS and in 2008 found that he would not have funds available on the day that the amount was due to go off his account, so he did the decent thing and phoned the bank. They thanked him for calling and said it would be fine, for him to make the payment a few days later. Every payment in 2008 to mid 2009 went through as usual, but my husband found himself in the same situation once in 2009 and once in 2010 and again phoned the bank before the payment was due to inform them.

His Credit report looks very good except for the 3 AP on there (once for every year). When he phoned the bank, they said that is because he made an arrangement for payment and they cannot remove it until 2016. He has not received any paperwork from the bank to explain this arrangement, and it really makes me mad when he did the decent thing to phone them beforehand, instead of just leaving it and getting it market as a late payment entry, which would have been less damaging and removed from the report alot sooner than 2016!:mad: It is only showing on Equifax, which the banks look at when you apply for a mortgage, and Equifax said they can't do anything, it has to be removed by the bank.

We wanted to buy a house as we have the deposit, but this AP seems to severely affect his credit score.

pheonixrising21

I have an AP marker on my Cahoot Flexi loan. However, this was not due me agreeing to pay a lower amount, it was an agreement to repay a higher amount to make up some arrears. I hasten to add that the arrears were caused by Sanatander themselves (they messed up a change of address big style - I stopped getting statements and somehow my DD was stopped). i called them myself when I noticed that the DD had stopped. I asked if I was in arrears. They said "oh no, no arrears on the account, just start paying again as nomal." I refused to set up a DD again until they sorted the issue of statements.

Anyway, long story short, they admitted the issue was their's and agreed to remove the AP marker, but they are taking an age to do this. I'm now a little worried about how this is affecting my current credit rating, especially as I am looking to get a 0% BT card in the near furture.

MICHAEL1978

Hi

I love the thread, have been reading to try and answer my own query but cant find a specific answer. Hope someone can confirm for me - here goes ...

My credit file shows an AR in July 2010. It relates to a current account which was opened in 2007, and, sometime in 2008 (I think) I arranged to pay back an overdraft off it as it was demanded back by the bank and I couldnt pay it immediately (it was only around £650 - I didnt realise it would even go on record!). If anything 2010 was when it was finally paid off, although I'm sure it was paid off before then. The account shows 'OK' from August 2010 onwards.

The account is still showing as open. The 'Reported Until' field in the account entry on my credit file says '6 years after account closure'. Does this mean a AR taken out in 2008 will stay on my file until 2018 if I close the account now?? What is the best way for me to have this removed from my record in the shortest possible time?

Hope someone can answer this for me. Thanks in advance!

M

Tryingtogetby

Hello all I want to know if someone can help.

Recently myself and my partner have applied for a mortgage and due to the nature of the property we was stuck with only being able to apply with Woolwich. They have now declined our mortgage as my partner has an arrangement on his credit report. He did not no of this arrangement and after digging it was from a Barclays account he had where he went over his overdraft with a payment so straight away Barclays called him and told him, so he made a payment for the amount that went over the overdraft straight away over the phone. We have started a complaints process to get it taken off his file as we feel it is mad that this little thing can ruin our future! Has anyone got any golden advice in how we could possibly settle this?? It would be greatly appreciated!

pb264

Hi All

I was interested to know if you could help / advise, particularity izoools, you seem to be up on your info.

I have a £3500 overdraft with nationwide. They contacted me 5 months ago to reduce it to £2000. I stated I couldn't accommodate such a sharp decrease therefore I made a temporary arrangement to pay £10 back for three months to show willing, this was then reviewed after 3 months and agreed again for another 3 months.

At the same time I was reviewing my mortgage, and it turned out that the 'arrangement' was showing as an AP and having a serious detrimental affect on my credit rating, comparable to a CCJ! or to quote Experian...

Poor – ‘You are currently not making all of your payments on time and are several months late in making some/all payments. This indicates you are having problems repaying your debts. Credit grantors will view this very negatively and you may have difficulty obtaining credit. ‘


I was completely unaware of this and have since payed off the entire overdraft with gifted money and opened a complaint with nationwide. My arguement is that I was not correctly informed that this would have such an affect on my credit rating.

They have issued their final response stating that I was informed on the telephone and that as different creditors view the 'arrangement' differently, they could not inform me of the severity it would have.

Although I believe it is unfair that they do not indicate the severity of the 'arrnagement' I have to accept this point however before I continue this complaint to the ombesman my real question is this......given the severity that the 'arrangement' has had on my credit rating, is it acceptable to only mention on the telephone and not in writing that this will have an impact on my credit rating ...they have transcripts of the telephone conversation which I have requested.

I have 3 years until I have to review my mortgage and this is my one and only concern about getting it clear via a notification of correction, advise, or better still, reassurance on this would be helpful.

Also Nationwide have offered to issue a notice of correction for the first 3 months of the 5 months of AP as they mistakenly first thought that they did not mention it to me on the phone. If I accept this deal together with the £100 they are offering I will still have 2 months AP. However if I accept this I cannot take the matter further...thoughts?

Thanks in advance for any advice given.

Phil.

beelegee

Phil I have just checked my credit report with equifax and am fuming because I have the situation with nationwide I had a £10000 overdraft for years costing me 50p per day they wrote to be asking me to reduce to £5000 in twelve month period I paid £430 for 3 months then reduced to £230 for next two month it has affected my credit score I have 7 buy to let mortgages and worried it will effect my credit , I like what you said about them serving notice of correction is there any way you could get in touch with me to discuss I would really appreciate this

Nic

Fruit_and_Nut_Case

beelegee wrote: »

...is there any way you could get in touch with me to discuss I would really appreciate this

Phil made his post months ago and has never made another. I suspect that he will not see your request.

helpwouldbegreat

i have a AP on my credit for 1 month in 2014 and it wasnt even for the whole month it was for an extra 9 days,I was never told that this would effect my credit score nor was i told it would be reported to the CRA when i was offered it, ive now paid in full the remaining balance and closed the account, but still stuck with this ugly AP on report, is there anything at all i can do to get this taken off my credit report as like i said at the start i was never informed that it would be reported to the CRA: mad:
thanks