Arrangement to pay on Equifax report (Lloyds CC)

_Persephone

Back in January, for the first time in 9 years I made a late payment on my credit card.

When I called up, I complained that I was not making any inroads into the debt because the interest was so high, and the advisor suggested a 'credit agreement'.

After going through income and expenditure, and demonstrating there was no surplus income, he offered me reduced payments and reduced interest for 6 months. He said it would be reviewed again after 6 months.

I asked him numerous times whether it would affect my credit rating, to which he replied, 'not this time around', but after 6 months, if the arrangement continued, it would.

I looked at my credit file through equifax a few days ago, and on my green record, there is a big juicy 'arrangement to pay'. I would never have done this if I knew it would affect my credit rating - I'm planning to clear my debts quickly, i.e. in the next year or so.

Do I have grounds for complaint? Is there a possibility they can remove this from my file?

Does anyone have any advice going forward on what I should do? I made notes on the call and have advisor's full name. I also have written confirmation of the agreement, although it doesn't mention credit rating.

Thanks in advance.

bottleofred

Hi,

You could try to complain, but it may well end up to your word against the advisors. If you're worried about your credit rating, just try to keep up with the minimum payments and more if you can afford it, although not at the expense of living just to make the minimum payments, which is what I was doing.

Good luck

Red

_Persephone

Ok, I am pretty sure their calls are recorded, surely this would strengthen the case?

I am doing pretty well on the repayment side so far. The agreement is to pay £75 fixed amount. Since this has happened my work are desperate for overtimers, and I have managed to pay an extra £650 off this month. So by the time the arrangement ends, the balance should be manageable.

I plan to spend the next year clearing debts, and then start to save for a deposit on a house. Having this on my record for the next 6 years is not ideal

Culex

_Persephone wrote: »

I asked him numerous times whether it would affect my credit rating, to which he replied, 'not this time around', but after 6 months, if the arrangement continued, it would.

People lie.

I looked at my credit file through equifax a few days ago, and on my green record, there is a big juicy 'arrangement to pay'.

See?

Do I have grounds for complaint?

Possibly on the grounds of misrepresentation by omission, but it may be difficult to prove.

Is there a possibility they can remove this from my file?

Yes, of course they can. They won't though, and they probably use some bollox about the Data Protection Act 1998 in an attempt to substantiate their position.

Ask them which section.

Does anyone have any advice going forward

Yes. Stop using the silly expression "going forward", as it doesn't really mean a damned thing and it really irritates people who care about the English language. Moreover, as it appears to have originated in America, it may tend to indicate a certain vacuity on the part of the person who uses that expression.

Does anyone have any advice ... on what I should do? I made notes on the call and have advisor's full name. I also have written confirmation of the agreement, although it doesn't mention credit rating.

It wouldn't mention credit rating.

People lie.

Culex

_Persephone wrote: »

Ok, I am pretty sure their calls are recorded, surely this would strengthen the case?

It should, until they tell you that the recorder wasn't working, that the tape has been overwritten, that the tape has been lost or that the security dog patrol has eaten the tape.

I plan to spend the next year clearing debts, and then start to save for a deposit on a house. Having this on my record for the next 6 years is not ideal

But think how much deposit you could save in five years.

_Persephone

Culex wrote: »

People lie.


Yes. Stop using the silly expression "going forward", as it doesn't really mean a damned thing and it really irritates people who care about the English language. Moreover, as it appears to have originated in America, it may tend to indicate a certain vacuity on the part of the person who uses that expression.

Hehe, people use it at work all the time and yes, it is irritating.

The logic behind it follows:

Whilst I am grateful for the advice I have received in my short time here, what is even more irritating than managementspeak are people that come across as having the knowledge you require, but post judgemental statements about what should you have done in the first place, rather like a parental lecture! I have ventured on to other boards here, but the DFW is by far the friendliest board, I can't believe what some people come out with. Someone called me a terrible person because I sold an iPad 2 for a profit!

I can't change what's happened, only try to make it better and would like to know how to sort the situation out. Hence the cheesy phrase.

PS: That was not a pop at you by the way. :A

_Persephone

Cheeky bump.

_Persephone

I've started the ball rolling with this and called up Lloyds about it - the relvevant department weren't in today, but I will give them a call tomorrow.

I asked them if they do record their calls - so it looks like I will be able to prove that they misinformed me.
Any more thoughts people?

Thanks

_Persephone

Hello?

Bumping as I see there is another thread on Lloyds CCs but did not want to gatecrash.

TheLostSheep

_Persephone wrote: »

Hello?

Bumping as I see there is another thread on Lloyds CCs but did not want to gatecrash.

I'm in this 'arrangement' too and also with reduced interest. No comment about it affecting my credit rating. Bit of a b*gger if its smashed it to bits but it was in a bad state anyway.

I wouldnt phone them. I'd write to them. Out of interest, what number have you been speaking to them on and is it just the Indian Call centre you use?

Gordon_Hose

lol, you made an arrangement to pay lower payments and lower interest. You made an "arrangement to pay"... I'm not sure what the issue is here?