Update on AP markers vs Defaults

simeyb

I've been rebuilding my credit file over the last few months so that although my DMP doesn't finish until next year, my credit file is as accurate as possible as soon as possible - I really would like a better mortgage rate than the one I have at the moment!

So I have various defaults which become six years old between now and November 2013 so they drop off - fine. But Barclaycard and AmEx have been using AP markers, which as many of you know, would stay showing for six years after the debt is settled and although perhaps not quite as bad as a default, are nevertheless not helpful.

So I have been writing to them and discussing that AP markers should only be used for temporary arrangements of up to six monhts, not for 6 years as my DMP has been going. They have updated my CRA file by removing the accounts altogether - still paying them obviously, but they no longer appear on my CRA file.

Barclaycard have always used AP markers wrongly, arguing that they make arrangements for 6 months, review and then start a new one, hence continuing to use AP. They have now changed their policy and as my accounts were coming up to six years from the date that they would have defaulted, they have agreed to remove them altogether.

Its been a bit of a slog but AmEx were very good and give them their due, Barclaycard have done well on this occasion and treated me fairly.

Hope this is helpful to people.

Thrugelmir

simeyb wrote: »

I've been rebuilding my credit file over the last few months so that although my DMP doesn't finish until next year, my credit file is as accurate as possible as soon as possible - I really would like a better mortgage rate than the one I have at the moment!

The DMP will restrict your options to those available from your current lender. Your current lender has no requirement to perform a credit check. The rate on offer will be more dependent upon your LTV at the time.

simeyb

Thrugelmir wrote: »

The DMP will restrict your options to those available from your current lender. Your current lender has no requirement to perform a credit check. The rate on offer will be more dependent upon your LTV at the time.

All understood - in fact I have recently fixed to 2015 - not a great rate but not the worst - by the time this expires all should be well!