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  • FIRST POST
    • Dnrn84
    • By Dnrn84 23rd May 19, 12:26 PM
    • 6Posts
    • 1Thanks
    Dnrn84
    Arrangement to pay markers
    • #1
    • 23rd May 19, 12:26 PM
    Arrangement to pay markers 23rd May 19 at 12:26 PM
    Hi, I have just finished paying off my vanquis credit card which I had an arrangement of 40 per month for the last 6 years.
    I didn't realise at the time that the arrangement to pay markers would cause me more harm than a default.
    If I had a default marked when the arrangement to pay started then it would all fall of my file in a matter of weeks, but instead it is now 6 years from when I made my clearing payment. Had I known this I would have made sure I got a default before agreeing.

    I have called to make a complaint that I wasnt made aware of the impact of this agreement and to say I would like my file amended to show a default.

    My file is the following:
    may 2013 - early arrears 1 month late
    June 2013 - early arrears 2 months late
    July 2013 -march 2019 - AP.

    What do you think my chances are of getting a default around 2013?
    Looking to buy 1st house in 2020 and this will be the only mark on my file.

    Thanks
Page 2
    • boo_star
    • By boo_star 29th May 19, 10:14 AM
    • 1,968 Posts
    • 1,326 Thanks
    boo_star
    I believe that anything is fair, if one has complied with relevant legislation and guidance. That works, in different times, in favour of both the lender and the borrower.

    I guess I am just a stickler for people playing by the rules...


    But the creditors who have done this, have not correctly followed the applicable guidance, that is despite the AP markers being factually correct.
    Originally posted by Willing2Learn
    I don't think the guidance in that thread says what you think it says, or maybe I'm misreading it.

    It appears to refer to a situation where a person on an AP is subsequently defaulted some time after entering into the AP, thus having a default date months or years later than someone who just stopped paying and suggests that the creditor should backdate the default to when the AP started in that situation.

    You're basically implying that an AP should not last any longer than 3-6 months as it would then be on the record longer than a default would. I've yet to see any official guidance suggesting this should be the case.
    • Willing2Learn
    • By Willing2Learn 29th May 19, 3:03 PM
    • 3,345 Posts
    • 2,926 Thanks
    Willing2Learn
    You're basically implying that an AP should not last any longer than 3-6 months as it would then be on the record longer than a default would. I've yet to see any official guidance suggesting this should be the case.
    Originally posted by boo_star
    I'm saying that when an AP is used, it should only be considered a short term solution. Once an AP has been in effect for longer than six months, then the original credit agreement could be considered irreconcilably broken. That would mean the creditor would then consider the account defaulted, and the creditor should send the borrower a default notice.

    That is only my interpretation of the guidance...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Gary_Dexter
    • By Gary_Dexter 29th May 19, 6:16 PM
    • 4,805 Posts
    • 3,150 Thanks
    Gary_Dexter
    But it is an arrangement to pay though and is marked as such.

    Yes the account “could” be defaulted as the account is in arrears, however arranged payments are being made to bring it out of arrears.

    In fairness this should give the person as much opportunity as possible to throw as much as they can at the debt to clear it down to avoid a marker month on month.
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