Arrangement to Pay Marker - Advice

cmssbrie

Hi guys,

Long story short, I ended a DMP in October 2012 - 12 debts paid off in full. 8 of the accounts covered on the DMP were set to 'Default' status, and they will all fall off my credit files by the end of the year. I had 2 x accounts with Natwest which were set to AR on my credit files, and after disputing with them, they have agreed to change them to Defaults - so these two will also come off my credit files by the end of this year. The two final accounts (one with Barclaycard and one with Vanquis) are both set to AR. I have tried writing to both of these companies, and Barclaycard have refused to change that account to a Default - therefore I intend to complain to the FOS, and Vanquis, well, they just seem to ignore my letters! - and so I aim to continue my fight with those guys.

Both of the accounts with AR markers on them were settled in full in 2012 - therefore will stay on my credit file until 2018 (which I think is ludicrous by the way - but that's what I am trying to resolve with the amazing help on this forum!) - so, next year, I should end up 0 defaults on my credit file, a mobile phone contract (Balance paid in full each month - no late payments), a credit card (Balance paid in full each month - No late Payments), my mortgage (Balance paid in full each month - no late payments) and a loan taken out with my mortgage (balance paid in full each month, no late payments) - so my question is....

How bad will the AR markers (Both settled in full in 2012) look to potential lenders for the Barclaycard and Vanquis cards? - Are they likely to impact getting a new mortgage deal - or at least one at a favorable rate?

Any advice welcome!

SRT81

Did Barclaycard say why they wouldn't change it to a default?

This thread might be helpful...

Barclaycard AP removal [successful]

I wrote them a letter based on the OP's template, and they called to discuss it. They agreed that as the amounts being paid via my DMP were below what they'd accept as a minimum payment the account should have been defaulted, so they'd amend it to default, meaning when the CRAs update it'll no longer be on my files.

cmssbrie

Yeah - they basically said that it was a true reflection - as I had actually made an arrangement to pay with them.

My argument to them was covered in that thread (I read it thoroughly before initially complaining :-) )- i.e that I will be affected for 10 x years due to the arrangement to pay, rather than 6 which would have happened if I would have not contacted them to tell them about my difficulties - basically, they threw me out though, and told me I should complain to the FOS if I am not happy with their decision - which I have just done today!

My initial question is based on the 'What if the FOS agree with barclaycard' - i.e will that AR marker ruin my chances of re - mortgaging? - even though it will be 3 x years that the account was settled in full?

sdh2903

I've just gone through the exact process with varying levels of success. I used the template in the other thread although I emailed it in.

Capital one - agreed and have agreed to apply a default in 2006 so will drop off.

Barclays partner finance - didn't want to know and told me to take it up with the iCO and FOS. I'm not going to waste my time with this one as it drops off in June anyway.

Creation finance - dragging their heels, these applied over 4 years of AP markers from 2006-2010 and the account was settled in 2011. So if left will be on file for a total of 11 years. Not fair really is it?

Send the emails/letters off and be persistent

dumpyboy

With the new guidelines from the ico in January you do not seem to have much chance of getting it changed mine will run 12 years then reported for 6 more years but ico still term it as a temporally arrangement and ar markers are correct gone to fos see what they say nationwide will not up grade my basic bank account(downgraded about 3 years ago) till 2024 at best they told me which is 6 years after the arrangement ends so I do not think you get much from them

zebra7t4

cmssbrie wrote: »

Yeah - they basically said that it was a true reflection - as I had actually made an arrangement to pay with them.

My argument to them was covered in that thread (I read it thoroughly before initially complaining :-) )- i.e that I will be affected for 10 x years due to the arrangement to pay, rather than 6 which would have happened if I would have not contacted them to tell them about my difficulties - basically, they threw me out though, and told me I should complain to the FOS if I am not happy with their decision - which I have just done today!

My initial question is based on the 'What if the FOS agree with barclaycard' - i.e will that AR marker ruin my chances of re - mortgaging? - even though it will be 3 x years that the account was settled in full?

You could try emailing the complaint, that's what I did and was successful - they even sent me a £25 cheque as compensation!

david.chan@barclaycard.co.uk was the address I used.

Thrugelmir

cmssbrie wrote: »

Are they likely to impact getting a new mortgage deal - or at least one at a favorable rate?

New regulation comes into full force shortly. From the 26th April Mortgage Market Review will impact the entire market. Your best hope may be your existing lender in the medium term.

cmssbrie

Thanks guys - really appreciate all of your help and advice!