Hope this is in the right place.... Arrange to pay query

lauripops

Hi,

I had an arrangement to pay taken out on one of my credit accounts in 2009 at the start of a potentially long term illness where my income significantly dropped but I didn't want to default so came to an arrangement to pay what was owed.

I've paid every single payment on time ever since, and I am still on this AP.

I have been healthy and working full time since 2011 and I've kept up with every other credit arrangement I've ever made - apart from this one account, the one with the arrangement to pay.

At the time I was poorly and worried about defaulting so agreed to the AP without knowing the consequences of my actions, but now I know that an AP is as damaging to a credit score as a default or ccj.

I am on quite a good wage now and have virtually paid of most of my debt, and I would like to clear my AP with one lump sum.

If I do this, will the AP marker remain on my file for 6 years? And also, is there any benefit to paying it early?

I appreciate any advice. It seems crazy that I chose to have an AP over a default and that I could be potentially penalised for doing so

wannabee_in_credit

I have no idea but wanted to bump this up for you...
Good luck getting it sorted out.

happy_bunny_2

It will stay for 6 years from when the account is settled, I.e. paid off. Not as bad as a default and will do less harm the older it is.

I have one and can get phone contracts. No desire for more credit so not sure what you could get