Arrangement to pay on Equifax report (Lloyds CC)

_Persephone

Gordon_Hose wrote: »

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?

"Lol", I'm not disputing the turn of phrase. I entered into the arrangement to pay after being told it would not have an adverse effect on my credit rating. I asked three times.

The issue is that having looked at my credit report on Equifax, the fact that I have an arrangement to pay is a 'red' on my otherwise green history. Green = good, red = bad.

After reading other threads on similar issues, I am now scared that they are going to default me as this appears to have happened to others.

@cg81 - It was your plight of a thread that made me bump this one! I don't think I have been dealing with the offshore call centre - it's called the Customer Support Unit, although it was the number on the missed payment letter. I will dig it out later.

eyeopener2

What is it your after here? Is it to be put back in the position you would have been in if the telephone call hadn't taken place?

If so, then you will be in arrears with the account as you haven't been paying the contractual amounts and the interest will be added back on. That could easily happen if they want to play silly beggers.

I'd be very careful with this if I were you. I realise your credit rating has been damaged but you were, in your own admission, struggling to make any inroads into the debt.

At the end of the day you are in an arrangement to pay, as your not paying your contractual dues, and the credit agencies have to be informed of this.

Take care and let us know how you get on.

E2

Gordon_Hose

_Persephone wrote: »

"Lol", I'm not disputing the turn of phrase. I entered into the arrangement to pay after being told it would not have an adverse effect on my credit rating. I asked three times.

The issue is that having looked at my credit report on Equifax, the fact that I have an arrangement to pay is a 'red' on my otherwise green history. Green = good, red = bad.

After reading other threads on similar issues, I am now scared that they are going to default me as this appears to have happened to others.
.

If you aren't paying the contractual payments set out when you took out the credit, they are well within their rights to mark your credit file as such.

I can't see that the lender has done anything wrong here. Whatever happens you can't afford the payments, so considering the circumstances and "arrangement to pay" shown on your file is better than a default.

fermi

The only thing wrong was the advisor telling you that this would not reflect on your credit reference files.

If you cannot prove that they told you this, then there isn't really any comeback against them as in itself the information recorded is factually accurate.

Gordon_Hose

I doubt callcentre monkeys have the authority to make such a promise anyway.

_Persephone

Thanks for the replies guys. To reiterate, my issue is that I would not have entered into the agreement if I knew it would affect my credit rating.

And Gordon, it wasn't a regular monkey, it was one in the Customer Support Unit, so one with special powers if you will.

Gordon_Hose

So if you didn't enter into the agreement what would you have done?

_Persephone

Probably carried on being subsidised by my mum - far from ideal.

Bettingmad

Surely to default would be better, will not an arrangement to pay still show on credit file for 6yrs after the debt is settled as opposed to the account being defaulted now and the file being clear after 6 yrs.

TheLostSheep

I'm in exactly the same "arrangement". Do you have all the formal paperwork from them about this? If you can find the Customer Support unit number and post it, that would be really helpful.

I'm not sure how they have dented your credit file. Did they not lower your interest rate and lower the monthly payment? That is what happened with me. I paid £200 but now the interest has gone back up. They've not added in the old interest and part of the balance has been cleared.

What Llotds TSB did say is that they would review the situation and write to me. I've had nothing in writing. If you have all the letters, have a read through them and dig out the terms and conditions. I would imagine if it's marked as red then it may be tricky to remove from the credit file but you can add notes to it, saying that you made the minimum payments blah blah on time.