Paying off my cards

Tonylpool

Hi guys, I have a number of outstanding amounts with card companies after I hit financial difficulties 3 years ago. I have been paying regular amounts for the last 3 years and I'm now in a position to hopefully clear the majority of them.

Because of my difficulties, they are showing as 'arrangement' on my credit file. If I pay the balance will this automatically be removed? What damage will it leave on my file?

Any help would be much appreciated

Cheers

Tony

LeeSouthEast

Unfortunately that will remain for 6 years if you close your accounts.
If you keep them all open, the 'arrangement' bit should drop off after 12-24 months.

Still pay in full, obviously, but don't close them if you can.

Tonylpool

Thanks Lee, beause I've obviously been paying them much less than the minimum payment, the cards are not being used and I assume that once the balance is paid then the account will be closed down.

Is my best move just to pay the outstanding balance or negotiate a F&F?

LeeSouthEast

No (further) harm in trying Tony! Good luck.

Tonylpool

Thanks mate! Congrats on your achievement!!!

LeeSouthEast

Thank you

Tonylpool

Evening guys, I hope everyone is well!

I have been going through all my outstanding debts this weekend with the hope that some of these can now be resolved, my 2 sticking points are Argos Card Services and Creation Financial Services - Duet card.

Both of these are store cards and I the amounts o/s are approx £2300 on Creation and £1200 on Argos. I am paying both of these companies the amounts agreed per month, however despite this Argos are showing late payments each month even though I make my agreed payments on time each month.

I actually now have the money to pay these debts off in full, however if I do, could I get Argos to correct the late payments? Also, as these are already on arrangements, does anybody have any experience as to whether these cards would be kept open? I would prefer to use nominal amounts on these and pay off each month to boost my credit file. If not, would I just be best offering an amount in F&F?

I have not been defaulted on these, so would a CCA request risk this? Both accounts were opened well before April 07.

Any help would be really appreciated guys!

Tony

LeeSouthEast

How do Argos get paid? By Direct Debit, or some other method?

Tonylpool

I pay them both by standing order Lee

never-in-doubt

Hiya,

Send the following letter (edited to your needs) which tells the company you want all derogatory data removing as part of the deal for F&F settlement.... they may take you up on it, otherwise it will stay for 6 years from date account was paid to date.... so could be 9 years from today if it takes you 3 years to clear the debt.

Send this letter (edit it to your needs 1st): Default Removal - Offer of F&F Settlement

When you offer F&F you should look at 20% to start working up to no more than 40%. If they say no to 40% then pay nothing and let them sell it to a DCA who will take such an offer as they only pay pennies in the pound for the debt...

LeeSouthEast

Standing Orders can take up to 5 banking days to clear for some creditors (so if you pay Monday morning, it should be credited by close of business Friday. Likewise pay Wednesday and it should clear by the following Tuesday).

If you don't allow that time, that is likely why Argos are registering late payments.

Never-in-doubt addresses the remainder of the question.