Arrangement to pay

Camaro3

Hi


I took out a loan with Black Horse in 2008 and got into financial difficulties in 2010. I agreed a reduced payment with BH who marked my credit file with arrears markers and then Arrangement to pay markers.


The loan was paid off in 2014, however, the arrangement to pay & arrears will stay on my credit file until 2020, whereas if I had defaulted in 2011 when my credit file first showed 6 months in arrears, the account would drop off my credit file next year.


Has anyone had any success in having the arrangement to pay changed into a default?

dumpyboy

I had a lot of years fight with mbna over this ,fos did not want to know about it but got loads of interest returned as they hiked the rates from from 14.9 to 39.9 then when I made short payments on an arrangement cut it to 12.9 fos stopped it all together , they reported 6 on the monthly staus for 8 years . The ico would not have them change it to a default but said as I had entered in to a formal arrangenent over 12 years it should be reported as special arrangement header but the monthly staus up to date if the agreed payment was made and on time and the accounts showing settled no latter 28 days after the payment. This being done and showing on my credit file my bank gave me a full current account and chq book and a cash back credit card 2000 pound limet and interest free for 18 months read my post hope this helps

Camaro3

Thanks for the quick reply. It feels like I'm being penalised for wanting to pay off my debt instead of defaulting. I'll ask the FOS & ICO for their take and see if I cannot get Back Horse to alter my credit file.

dumpyboy

Camaro3 wrote: »

Thanks for the quick reply. It feels like I'm being penalised for wanting to pay off my debt instead of defaulting. I'll ask the FOS & ICO for their take and see if I cannot get Back Horse to alter my credit file.

Yes that s how I felt you have to complain to black horse in writing first ,do not expect a quick response from either fos or the ico took me 3 to 4 years people like mbna now that and it gives them right to do what they like the complants proceute should be made easier good luck