Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

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  1. #1
    Basic Account Holder countryboy212 Novitiate

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    Default Arrangement to pay effect on credit worthiness

    Hi,

    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 lendersicon 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.

    Any advice?


  2. #2
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    Default Re: Arrangement to pay effect on credit worthiness

    Hi,

    Found this...................

    Arrangement To Pay

    A situation where a lender agrees that you can pay less than the repayments legally due, because of a loss of income or ill health. Arrangements to pay are recorded on credit reports and will automatically drop off your report once six years have elapsed from the date of account closure. Lenders will not always inform you about the negative impact that such an arrangement will have on your credit report.

    Such an arrangement is usually interpreted by a lender that you are having trouble meeting your existing commitments, and are possibly over-indebted. As such, it is regarded as serious arrears and will have a significant adverse impact while it remains on your credit report.

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  3. #3
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    Default Re: Arrangement to pay effect on credit worthiness

    sadly yes very bad

    as is any thing negative

    now you amention charges?
    you should be reclaiming those
    they will be deemed as a penalty

    dx

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  4. #4
    Basic Account Holder countryboy212 Novitiate

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    Default Re: Arrangement to pay effect on credit worthiness

    Hi,

    Thanks for the fast response.

    Given what you have said, do you think I may as well let them default? As an arrangement to pay is just as bad?


  5. #5
    Basic Account Holder countryboy212 Novitiate

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    Default Re: Arrangement to pay effect on credit worthiness

    Any more advice?

    Said company are saying that they cant not report to CRA's. Any suggestions on how to change their minds?


  6. #6
    Basic Account Holder wcr? Novitiate

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    Default Re: Arrangement to pay effect on credit worthiness

    Hi,

    I would suggest that you keep up with your arrangement for three reasons. My first reason for suggesting this is that your debt will eventually be paid off. Secondly, when calculating your credit score, most lenders that you approach in the future for credit wouldn't look as badly on an arrangement and associated late payments on your credit file as they would a default or county courticon judgment. The third reason is that it would support any justification you may have about the late payments being caused by financial difficulties as opposed to just choosing not to pay back your debt.

    If you have the means to repay your debt this is always better than defaulting or leaving it to become a county court judgment.

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    Default Re: Arrangement to pay effect on credit worthiness

    WCR Can you please contact adminicon admin@consumeractiongroup .co.uk as previously asked.
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