Querying ARs on my credit file

missgstar26

I had some financial problems a couple of years ago and for a few months in2012 and 2013 (not consecutively), I made less than the minimum amount paymentson a Santander credit card.

I was not informed that offering to pay something rather than nothing wouldhave such a devastating effect on my credit score. I was always told that I needed to paysomething, or I would be defaulting.

I am thinking of contacting the bank to request the phone recordings, and ifthey are not forthcoming, request that they reduce the AR to a late payment.

Since June 2013, I have been making above the minimum payment, on time, andI’m 6 months to clearing the balance.

Can anyone provide any advice of what I could do? My husband and I were hoping to apply for amortgage this year, but now I am really doubtful that we can go through withit.

[Deleted User]

You may be able to get them to chage it to a default. However, if it was only for a few months, I would probably leave it as it is.

missgstar26

Thanks for your reply. but isn't a default worse than an arrangement to pay???

[Deleted User]

I would think so. That's why I would leave it as it is.

Malmo

missgstar26 wrote: »

Can anyone provide any advice of what I could do? My husband and I were hoping to apply for amortgage this year, but now I am really doubtful that we can go through withit.

The AR/AP markers do not preclude you from the mortgage market.

My advice is to engage an experienced mortgage broker about your circumstances & requirements. A good broker could pre-check with the chosen lender's Business Development Manager (BDM) prior to the initial AIP/DIP application to get their view and if the BDM allows it, the broker could send them your credit reports for them to run past an underwriter and get an informed view of things (without running an actual credit check).

missgstar26

Thank you for your response. I think I will have to consider this too. I really want to query it, and end up in a worse position than I am now.

Hazzinho

I'd dispute if you didn't make an arrangement, the odd missed payment if not consecutive seems hash as an AR unless it was consecutive underpayments. They won't mark it as a default.

happy_bunny_2

AR seems harsh here.

How many months in a row did you pay less? When were all the arrears from those months paid?

If you don't think its correct, complain, in writing and refer to FOS is fobbed off:
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

missgstar26

There are a total of 5 ARs from 2011 to mid 2013. 2 of them were consecutive months. I never entered into a formal arrangement to pay less than the minimum amount.

I'll put something in writing and see what they come back with.



Thanks everyone!

happy_bunny_2

Good plan. Keep us posted