Affordability complaint accepted - next steps?

Grumpelstiltskin

AF  don't make an offer, once you have worked out what you can afford tell them you will pay that amount by standing order, not direct debit. If they want a SOA you can work one out to arrive at the figure you will be paying, it need not be accurate.

Always_Fishing

Finio/Oakbrook Loans which is one of the other loans I've had a complaint accepted on have also confirmed they won't be applying any further interest or charges moving forwards. 

RAS

Are they Finio/Oakbrook still reporting on your credi record?

Always_Fishing

RAS said:

Are they Finio/Oakbrook still reporting on your credi record?

I haven't had an update yet since the complaint to see if they are, is this something I should ask them or wait and see?

RAS

The main reasons for getting defaults before paying are:

It halts interest and fees
It means that your credit record repairs after 6 years from the date of default, even if you've not paid since.

Arrangement to Pay (AR)  stays on your credit record for 6 years after the debt is paid off. 

If it's possible that it will take longer than 6 years to clear the remaining debt, you do not want an AR marker.

Always_Fishing

RAS said:

The main reasons for getting defaults before paying are:

It halts interest and fees
It means that your credit record repairs after 6 years from the date of default, even if you've not paid since.

Arrangement to Pay (AR)  stays on your credit record for 6 years after the debt is paid off. 

If it's possible that it will take longer than 6 years to clear the remaining debt, you do not want an AR marker.

Ah yes, I'd completely forgotten about the arrangement to pay markers in this situation. I have emailed all 3 of the loan providers who have accepted so far to ask them how they will report any arrangements made on my credit file moving forward. 

Always_Fishing

Finio have confirmed following my successful complaint no further negative markers will be placed on my credit file should I enter an arrangement to pay. Therefore I have emailed them asking for details to send a payment to each month, I've created a SOA showing I can send these £16.03 currently each month, this may and hopefully will change if I have more affordability complaints accepted. 

Bamboo are going to consult there team and get back to me regarding whether any further negative markers will be added. I think I have made a small mistake regarding Bamboo however, in there offer to the FOS I have accepted, they have stated they will remove all negative markers once the outstanding balance is settled rather than immediately. Upset I've missed this detail but hopefully not the end of the world, once settled at least the records will be gone. 

118 Money I am still awaiting a reply to this question.

Vanquis have cheekily charged me £5.82 cash interest on the previous balance they have cleared following my affordability complaint. After a 30 minute phonecall they've eventually cleared that off and agreed to close my account.

ManyWays

hopefully not the end of the world, once settled at least the records will be gone. 
I think thats right. What's important to avoid are arrangements to pay markers that stay for 6 years after the debt is gone

Always_Fishing

I've had a notification this morning, 118 money have completely removed any trace of the loan I had from my credit file, it's not even down as a closed account. Is this unusual after a complaint has been upheld, should I approach this any differently or is this also now a good time to stat making affordable payments now they are no longer reporting? There is still a balance of £1341 on the account. 

ManyWays

I dont think this is common but one person said it had happened with their Zopa loan uphold, see https://forums.moneysavingexpert.com/discussion/comment/81503284#Comment_81503284

I suggest that making affordable payments is a good idea.