How detrimental is an "arrangement to pay" on your credit file?
Is it as bad as a default or ccj?
I'm negotiating with 2 payday lenders regarding repayment of outstanding loans. I'm looking at borrowing a lump sum from a family member in order to pay them off in one go, and avoid any adverse info on my credit files.
I'm agreeing to pay all their crazy fee's and charges on the condition they don't report any adverse info to CRA's. But one is insisting that they will show an arrangement to pay on my file. I want to avoid this at all costs, but if its as bad as having a default or CCJ, I'm tempted to let them default me and try it on in court.