Credit report question

PrincessStanny

Hi there

Just a quicky. Does an arrangement to pay set up with the bank count as a missed payment?

Jvic28

Hi,

Not really sure of the answer but I got into trouble paying my G E Capital Store Card and made arrangements to pay them. It showed on my credit report as a 'special arrangement'.

x

PrincessStanny

Well I've had an arrangement set up with Lloyds for over a year now (£5 per month - no interest). I know I should have perhaps contacted them to set something up to pay it off quicker, but have been having a really good go at the rest of my debt which has been charging interest (have paid £6,000 in the last year).

I subscribe to annualcreditreport.co.uk and until now they have shown this account as being up to date (with the icon showning as '1') but have noted 'arrangement to pay'. Today all the icons for the past year have changed to show the arrangement. I suppose this is hard to understand unless you are familiar with the website, but it is similar to the scoring on the credit reports such as Experian.

Anyway, I won't have the money until next May to pay it off and there is no other way I can do it. It's a shame as I have been trying my hardest to repair my credit status and it just irritates me that I have to wait another year before I can start to rebuild it without any adverse entries.

Grrrr....don't get me wrong though, I am under no illusions....I know this is my fault!!

xx

jimbo26

Experian report it as 'Arrangement' and show the payments as green 0's. Once it is cleared the arrangement tag comes off and just shows the account as lots of green 0's (as long as you've made the payments)

Equifax also show it as an 'Arrangement' but they record each month as 'AP' in red, this remains even after the account has been paid off.

I am not sure what finance companies see when they search your record but I don't think it can be that bad as I have just finished paying Barclaycard on two accounts which were in arrangement and have just successfully applied for three new credit cards with low APR's and two bank accounts with debit cards.

PrincessStanny

That's good to know thanks. Hopefully it won't be as bad then as missing payments. The stress of debt eh, I can't wait to be debt free!!!

xx