Aqua Arrangement To Pay

mejjo203

Hi everyone,

I had a phone call with Aqua Credit Card this morning who were very helpful and understanding with my current situation.
They went through an income and expenditure with me over the phone and have said they will place me on a payment plan of £1 a month for the next year.

She made me aware that this will be sent to the credit reference agencies as an Arrangement In Place, and will usually show as AP.
I just wanted to post here to ask a few questions about this, Does this mean that it will show AP and not late payments or register as a default?

I'm hoping this is only going to be a temporary arrangement for the next couple of months until things get better. How much of a negative effect will this have on me obtaining credit? I have read on here that some people still have managed to obtain credit through catalogs or other credit cards.

Obviously i have no intention of trying to obtain credit at the moment but when i come off the arrangement i'm wondering how other lenders may see this. Is it better for the AP to show vs a late payment or a default?

Thank you for taking to the time to read my post.

happy_bunny_2

You should ask what they will report. Sounds like AP to me.

Anthorn

I'm not disputing that Arrangement to Pay or AP exists. It's just that I've never heard of it and it's not in the list of statuses on my latest written, postal credit report from Experian.


What is there is "Arrangement: The lender has agreed to vary your payments for a time". It is therefore a temporary solution and not an enforceable agreement.


Other lenders will see that you did not uphold your end of the contract for the credit you have/had. So you might get credit but at a higher APR. Quite frankly if you can't manage credit you should want more credit like a hole in the head.