Arrangement to Pay

baldwin1976_01

Hi

I stuipdly took out a payday loan with express finance before being made redundant in May 2013. I have made token payments to them and now they say they will default me unless I pay. I also had one with Lending Stream but they have an agreement in place to avoid a default on my file.

My questions are

1)can I get Express Finance not to put a default on my file.
2) The Lending stream account is in an AP is this adverse and how long will it show up on each of my credit files i.e Equifax, Experian and Call credit.

My credit rating had just started to get better. :-(

Would really appreciate some advice

sourcrates

baldwin1976_01 wrote: »

Hi



1)can I get Express Finance not to put a default on my file.
2) The Lending stream account is in an AP is this adverse and how long will it show up on each of my credit files i.e Equifax, Experian and Call credit.

My credit rating had just started to get better. :-(

Would really appreciate some advice

Yes you can, by paying the loan back !! unfortunately unless you pay back in full, or make an arrangement to pay, there perfectly within there rights to default you, it will show on your credit file for 6 yrs from the date of default, cant you come to some agreement with them ? they usually fall over them selves to get at least some money back ?

baldwin1976_01

I am already paying £16 pounds a month back to Express Finance and have been doing so for 3 months was going to see if increasing a payment arrangement would help.

Are you able to offer any advice on the AP showing with Lending Stream at all?

Many thanks

SBP

sourcrates

baldwin1976_01 wrote: »

Are you able to offer any advice on the AP showing with Lending Stream at all?

Many thanks

SBP

AP ? sorry, I may be been thick ere but what is an AP ?

*Foolish*

AP is Arrangement to Pay, I am not certain on the full affect it will have on your credit report, but I will definitely have some, I think it is viewed differently by different creditors. It may stay on your file for 6 years, but I don't know that for sure.
Sorry, maybe someone else might have a bit more info for you.

Is there no way Express Finance will come to a repayment arrangement with you?

Heffi1

A default will negatively affect your credit report, so will AP

A default will drop off 6 years from the date it was put on.

AP will drop off 6 years from the last payment received on the account.

So if it is going to take longer than 6 years to pay back, a default would be the better of the two options, but I doubt you would have any control over which one the company would use.

sourcrates

*Foolish* wrote: »

AP is Arrangement to Pay, QUOTE]

Ah !! thanks for that, that's one I have not come across before !!