Arrangement to pay

Robert521

I applied to the Royal Bank of Scotland for a consolidation loan and was declined in the first instance. The Customer service agent reviewed my eqifax file and found an "arrangement to pay" for 1 month's loan payment, two years ago. He is sending an appeal to Head Office to try and get the loan approved. How seriously is an "arrangement to pay" viewed in this situation. Your opinion would be gratefully received.

~Brock~

Robert521 wrote: »

I applied to the Royal Bank of Scotland for a consolidation loan and was declined in the first instance. The Customer service agent reviewed my eqifax file and found an "arrangement to pay" for 1 month's loan payment, two years ago. He is sending an appeal to Head Office to try and get the loan approved. How seriously is an "arrangement to pay" viewed in this situation. Your opinion would be gratefully received.

An arrangement to pay, by implication, shows that you were unable to make one or more contractual payments off your debts. Any arrears built up should also show up in the status history, and it is these that count the most.

I doubt that most lenders take a particularly serious view of these in the wider sense, because they do at least show that you were making contact with your creditor and coming to an arrangement, but they could be taken as a sign of overcommitment.

There will be some lenders that wont approve a loan nowadays if there is any negative information.

[Deleted User]

Robert521 - was this 'arrangement to pay' with Abbey at all?

I'm currently challenging an Abbey 'arrnagement to pay' that is blocking any attempts for any sort of credit right now. They too put it on there for one month only, but I never had any problems paying that month so very confused by it!

Robert521

No, it was RBS. In my opinion one late payment out of many years repayment history shouldn't mean you should be refused future credit.

[Deleted User]

I found that having an arrangement to pay from Abbey for one month took my credit score down from 999 to 668 (from excellent to poor), which is why I'm in the process of a complaint to them (which they've had for several weeks now) to get it removed as I certainly didn't have an 'arrangement to pay' at all...