Arrangement to Pay or DM - Credit File

Hatecreditors.com

Hi,

I've opened various threads on here regarding my credit file and the impact of my debt management plan.

Long story short; all my creditors applied Arrangement to Pay (AR) on my credit file which will last until 2019 whereas a default would have dropped off last year. I therefore argued that I was worse off and wanted retrospective defaults.

The case was with the Financial Ombudsman who (surprise surprise) can't uphold my (main) complaint (crazy system). Their response is:

My provision decision is that I intend to uphold this complaint in part. I intend to direct Barclays Bank PLC trading as Barclaycard to amend Mr L's report to show that the repayment arrangements in relation to the two credit cards were part of a debt management programme.

Barclaycard responded to say that it does not currently use, or have the system capacity to use, the debt management programme marker but uses arrangement to pay markers instead. It said that it is hoping to implement the requirement to use debt management markers by 2015. Barclaycard says that if Mr L accepts the decision, it can request a manual amendment to Mr L's credit file and replace the arrangement to pay markers with debt management markers.

Now, I have no idea which is worse; a debt management marker or arrangement to pay. How long does a DM marker last? Will creditors see one worse than the other?

I can't really make an informed decision and was hoping for some advice. Non of the credit reference agencies seem to be able to provide such information.

Thanks in advance.

Hatecreditors.com

Thanks for your reply.

I think DM would be the same to a creditor though; you've taken steps to tackle your debts rather than ignore.

I still maintain it's a crazy system when a default last 6 years whereas an AP can last effectively forever (or in my case 11 years).

The worrying thing is that people are being rejected mortgages with an arrangement to pay for ONE MONTH! I have almost 50 months worth of APs!

May just leave it how it is though as I cant see the DM being any better