Credit File - 'Arrangement to Pay'

MeeNorr

I've just looked at my Experian and Equifax credit files and on my Equifax record for my HSBC credit card it says 'arrangement to pay' in red. I opened it in December 2010 for the 0% balance transfer for 15 months but this 'arrangement to pay' logo has got me a bit worried. There's no explanation on the Equifax website. Can anybody help me with what this means please?

Many Thanks

lvm

I'm under the impression that it means you have agreed to pay an amount lower than what you should be.

Have you made payments in January and February for the balance you transferred? (if you actually did transfer...)

MeeNorr

Thanks for the reply.

I did transfer the balance to them about 3 weeks ago so my first direct debit minimum payment is due shortly. At first they rejected the transfer as they said I didn't have a promotional balance transfer rate but I pointed out that I have the paperwork telling me that I do and they put it through.

I've set up a DD to pay the minimum payment each month because I have a credit card with another company at a higher interest rate and so will be putting any extra money towards that first as HSBC didn't give me a high enough credit limit to transfer the entire balance to them.

I know I haven't set up the DD to pay the balance in full each month but I don't have any arrangement to pay less than the minimum with them.