Arrangement to Pay

UsetheFORCE

Is an arrangement to pay just a temporary deviation to the contractual payment?

Can you after a short period of time revert back to normal monthly payments whilst maintainting the use of the account in question?

Is this always recorded as such on the credit reference agencies files and what is the effect on your credit rating?

Thrugelmir

UsetheFORCE wrote: »

Is an arrangement to pay just a temporary deviation to the contractual payment?

Can you after a short period of time revert back to normal monthly payments whilst maintainting the use of the account in question?

Is this always recorded as such on the credit reference agencies files and what is the effect on your credit rating?

Any form of arrangement to pay will be viewed negatively, irrespective of it's time frame.

When you say revert back to, what type of account are your referring to.

UsetheFORCE

Thrugelmir wrote: »

Any form of arrangement to pay will be viewed negatively, irrespective of it's time frame.

When you say revert back to, what type of account are your referring to.

None in particular but if you carry on with the account then the effect of the AP will be less over time..

Just seeking more definitive information on Arrangements to pay as what I have read online so far has left me with an inconclusive view on them...

Thrugelmir

UsetheFORCE wrote: »

None in particular but if you carry on with the account then the effect of the AP will be less over time..

Same principle can to be applied to any indiscretion.

What matters is how a lender rates the indiscretion when you approach them for credit. Mortgage lenders can set their systems to score or fail on any criteria they like. So a single recent late payment marker could be enough to cause a straight decline on a mortgage application depending on the product applied for.

Lenders are profiling an applicant for risk. With less money to lend they can raise the bar higher and higher to filter out applications as they wish.

matttye

An arrangement to pay is supposed to be temporary and if normal payments don't resume shortly after several months, a default should be applied. If normal payments resume the account should return to normal.

Thrugelmir

matttye wrote: »

An arrangement to pay is supposed to be temporary and if normal payments don't resume shortly after several months, a default should be applied. If normal payments resume the account should return to normal.

The account could still be noted with an ARP marker for the duration.