What exactly is an AP marker on Credit file?

pheonixrising21

Just wondering if anyone can help me?

I have an AP marker on my credit file for a Santander felixible loan which went into arrears last year. Long story (which I have probably mentioned on here before), but the arrears were caused by a major admin error on Santander's part, which they agreed to and paid compensation/goodwill payment of £250 as recompense. They also agreed to remove all adverse markers from my file, which they are seriously dragging their heels over.

I just want to clarify what an AP marker actually is? My understaning is that is stands for "Agreement to Pay" and that this is used when an agreement is made between the customer and lender to pay a reduced amount, whether that be on a monthly basis or as a settlement for an account in arrears. This is probably a really bad marker to have on file?

However, my situation meant that I paid a higher amount for a few months to bring the "arrears" back down. I know that the marker will hopefully be removed soon (but then it is Santander, and I have little confidence in them and they are trying to now dispute the original complaint resolution) and eventually it will be irrelevant, but at present I have this marker and I want to know what it actually means and just how bad it really is.

I have been refused credit recently (ironically by Santander!) and I have a feeling that this marker is the main cause of the decline. I'm pretty sure its not the debt to salary ratio as my debt has gone down while my salary has gone up over the last year (debt down from almost £10k to just over £7k, while income up from £23k to £27k). I applied for their 0% CC to BT my AA card accross to.

Also, as I have a "resolved" complaint with Santander, do I still have scope to go to the FOS if they do not remove the markers as agreed, even though I have accepted their compensation/goodwill offer? How long do I have to give them to update the CRA's before I do this?

Any help/advice gratefully received!

BugsyBrowne

Having an arrangement to pay on your credit file is like putting convicted burgler on an job application form it won't look good.

pheonixrising21

BugsyBrowne wrote: »

Having an arrangement to pay on your credit file is like putting convicted burgler on an job application form it won't look good.

I'd figured that much already, but am I correct in what I think it means and what its usually used for?

SeanG79

The AP marker is an arrangement to pay.

This is worse than having a late payment marker as it is effectively a default marker.

I suggest you push them to remove the marker...

pheonixrising21

SeanG79 wrote: »

The AP marker is an arrangement to pay.

This is worse than having a late payment marker as it is effectively a default marker.

I suggest you push them to remove the marker...

Believe me, I am trying! Who would have thought it would be so difficult, especially as they have already admitted fault and agreed to remove them. How long should I give them before I can take it to the FOS or does the fact that I accepted their £250 cheque muddy the waters?

SeanG79

Do you have written confirmation from them, where they accept blame and agree to remove the marker?

pheonixrising21

SeanG79 wrote: »

Do you have written confirmation from them, where they accept blame and agree to remove the marker?

I have a letter where they admit fault for the issue which caused this, £250 compensation and confirmation that they will remove adverse markers arising from this. It does not specifically mention the AP marker, but it does state adverse markers will be removed.

I think they are trying to state that the arrears were not caused by the original mistake, but it was. There is no way that there would have been any arrears if it wasn't for their incompetence.

Its a very long story, but basically. they ballsed up a simple admin task (change of address) which ended up with my DD being cancelled and me not receiving any statemenst or communication of any kind. I called them to explain the situation and ask if there were any arrears. They said NO, NONE. So, naturally, I used the money I thought I was in arrears by to pay off another (higher interest debt). Three weeks later they call and say I'm in arrears my £225 (three months payments). I argued this, told them that they had said I wasn't in arrears and now couldn't pay that back all in one go. So I agreed to pay off the arrears (on top of my usual monthly payments) over 4 months. The further complication is that the loan is a flexible loan, which has a varying minimum payment each month (like a credit card) and as I wasn't receiving statements i didn't know how much this was. It took from June 2011 to may 2012 to start getting statements through again. I refused to set up another DD until I started receiving statements again, as I would have no way of knowing that the DD they were taking was correct. Also, if they can't change an address correctly, I am not sure I trust them to set up a DD for the correct amount. They would probably have taken a lower amount and left me with more arrears!!

My arguement was that if they didn't mess up my address change and DD, then there would not have been any arrears in the first place. Compounded by the fact that when I thought there was arrears I called them to put it right, only to be told its all fine, no arrears on your account.

They agreed that they messed up, gave me £250 compensation and agreed to remove the markers. They haven't done so yet.