Ar rejected blacklisted for life

dumpyboy

What up sets me more is not just the arrangement but reporting that I am not meeting my my monthly contractual payment as I make a reduced payment which after 7 years 3 times more then the contractual payment per terms and conditions of the original agreement

dumpyboy

glentoran99 wrote: »

6 years after what? first payment ? last payment?

If they they on a 14 year arrangement with no reveiw or chance to go back to contractual terms they should be treated the same as a default six years from commencement date as they are simply useing ar markers to apply adverse information for years and treat the accounts as defaulted

Thrugelmir

Eonel wrote: »

It is a big anomaly in the credit rating system that someone who makes the effort to service their debts under an Arrangement to Pay creates longer term problems for their credit history than those who fail to pay.

It's down to lenders to decide who to conduct business with and on what terms. Experian don't lend money just collect data.

Many people use AR's as an interest free loan. Rather than repaying the debt , savings are accumulated. So when the debt is finally repaid expect instantly to obtain a mortgage. There's nothing new in such tricks.

dumpyboy

Thrugelmir wrote: »

It's down to lenders to decide who to conduct business with and on what terms. Experian don't lend money just collect data.

Many people use AR's as an interest free loan. Rather than repaying the debt , savings are accumulated. So when the debt is finally repaid expect instantly to obtain a mortgage. There's nothing new in such tricks.

I would like to point out that from 2008 bad 2011 when I was on the dmp I put every spare Penney in to settling accounts I wwent back to full payments on 3 accounts in 2011 all now settled in full cleared a a further defaulted account on a par settlement offer one will be paided in full on the 24 th this month leavening one defaulted account and one on a ar which is very troublesome they had the offer of returning to contractual payments in 2011 which they say is impossible as the accont is terminated so the payment plans has to run 14 years term agreed(what they do if I pay it off in around 10 ) so judge it how you like I feel I have done my best by them and been treated worst then something you walk in

Eonel

Thrugelmir wrote: »

It's down to lenders to decide who to conduct business with and on what terms. Experian don't lend money just collect data.

Of course. I am not suggesting otherwise.

Thrugelmir wrote: »

Many people use AR's as an interest free loan. Rather than repaying the debt , savings are accumulated. So when the debt is finally repaid expect instantly to obtain a mortgage. There's nothing new in such tricks.

And some people manipulate the Default process. They save up to make a reduced full & final payment, never fully repaying the original debt. Neither trick is new or morally justifiable.

However Defaults and ARs should be treated the equally in law and stop being reported 6 years after they are recorded. The incentives in the current system are perverse - it is in the borrowers interest to default rather than make a long-term & consistent effort to repay the debt.

dumpyboy

Eonel wrote: »

Of course. I am not suggesting otherwise.



And some people manipulate the Default process. They save up to make a reduced full & final payment, never fully repaying the original debt. Neither trick is new or morally justifiable.

However Defaults and ARs should be treated the equally in law and stop being reported 6 years after they are recorded. The incentives in the current system are perverse - it is in the borrowers interest to default rather than make a long-term & consistent effort to repay the debt.

Haveing had 6 defaults and 4 arrangements finding the arrangements are now viewed worst then a default they should be reported for 6 years or if a balance on them till paid off as most not all credits deem an account on a n arrangement is terminated defaulted in all but name and can report it more adversely for far longer time ie 16 to 20 years in my case I think going bankrupt and walking away frm your debts is far worse why is this not reported for say 25 years

patman99

Dumpyboy as each account is cleared, the default markers will disappear from your credit file 6 years later. That is how the system works.

So, the 3 accounts you cleared in 2011 will disapear in 2017 and your credit rating should begin to get a little better.
The defaults for the account you are clearing this month will disapear in 2020. This will leave you with just the account with the AR matkers on.

At a guess, I would think that your credit rating is something like '1' which is why you are having all the issues with not being able to obtain a cheque book for your bank account, or low-cost loans.

If you want to have a clear credit history by 2021, then your 2 options are either bankruptcy or pay off all your debts sooner.

If you want to start repairing your credit history, then you could try going for a credit card from one of the companies that deal with bad debtors. You can then use this to pay for small purchases and pay the full bill off when you get the statement (to avoid interest).
You do have to be very disciplined though and make sure that you put the money by to pay the credit card (whatever you spend, put that much away).

PaulW922

It may be a good idea to speak to MBNA and see if you can formalise the outstanding debt into a new agreement. Then at least the date would be set for closer elf your old account and - may I ask how much debt you are talking about, and ether MBNA are charing you interest at the current time?

dumpyboy

PaulW922 wrote: »

It may be a good idea to speak to MBNA and see if you can formalise the outstanding debt into a new agreement. Then at least the date would be set for closer elf your old account and - may I ask how much debt you are talking about, and ether MBNA are charing you interest at the current time?

I have tried that its now down to 5500 from 22000 from 8 years ago yes 14 9 reset per cent reset to that by fos ifrom 39 9 for that I get an arrangement headline marker and a monthly status as not makeing contractual payment thou I think I am makeing 3 times the minimum payment

dumpyboy

patman99 wrote: »

Dumpyboy as each account is cleared, the default markers will disappear from your credit file 6 years later. That is how the system works.

So, the 3 accounts you cleared in 2011 will disapear in 2017 and your credit rating should begin to get a little better.
The defaults for the account you are clearing this month will disapear in 2020. This will leave you with just the account with the AR matkers on.

At a guess, I would think that your credit rating is something like '1' which is why you are having all the issues with not being able to obtain a cheque book for your bank account, or low-cost loans.

If you want to have a clear credit history by 2021, then your 2 options are either bankruptcy or pay off all your debts sooner.

If you want to start repairing your credit history, then you could try going for a credit card from one of the companies that deal with bad debtors. You can then use this to pay for small purchases and pay the full bill off when you get the statement (to avoid interest).
You do have to be very disciplined though and make sure that you put the money by to pay the credit card (whatever you spend, put that much away).

The 3 accounts that went back to normal terms will leave 6 years from settled date but there monthly ar makers from 2008 and 2010 will show till accounts go as they are never updated from the st marker for settled the first of my defaulted accounts left in may 2013 the last sept 2014 16 months diffrent for same event the last ar I see as a minimum 16 to 20 years pusiment I would assume when that's settle it should go green but I not holding my breath on that one