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Arrangement To Pay LTSB


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Hi, I recently agreed with Lloyds TSB to have reduced loan repayments for 6 months, I asked the lady at the call centre would this have any bearing on my credit report, her words were '' only with Lloyds TSB '' . i have just checked my credit report with Equifax and to my surprise I see 1 month arrears (I never missed any payment as an agreement for reduced payments put in place) and 5 Arrangements to Pay Icons.

 

I am a bit confused as to what to do next, I am about to settle the arrears and will very soon be in the position to apply for a mortgage.

 

Will the arrangement to pay on my credit file cause any serious impact on me getting a mortgage approval?

 

Is there anything that I can do to rectify the situation?

 

If anybody has any advice or experience with this your comments would be much appreciated.

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Thank you for your comments, I will know soon so not much I can do to change it at this stage. More annoyed with the fact that I was told it would not have any impact on my credit score by Lloyds when it is quite obvious to me now that it does.

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Hi, I recently agreed with Lloyds TSB to have reduced loan repayments for 6 months, I asked the lady at the call centre would this have any bearing on my credit report, her words were '' only with Lloyds TSB '' . i have just checked my credit report with Equifax and to my surprise I see 1 month arrears (I never missed any payment as an agreement for reduced payments put in place) and 5 Arrangements to Pay Icons.

 

I am a bit confused as to what to do next, I am about to settle the arrears and will very soon be in the position to apply for a mortgage.

 

Will the arrangement to pay on my credit file cause any serious impact on me getting a mortgage approval?

 

Is there anything that I can do to rectify the situation?

 

If anybody has any advice or experience with this your comments would be much appreciated.

 

It will definitely have an adverse impact on your credit score. It is in effect telling lenders that you are currently in trouble financially, to the extent that another lender now has to make an arrangement with you as you are unable to maintain the products agreed terms of repayment.

 

It's surely going to stop new lenders providing you with more credit, when you can't afford to pay for what you already have.

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Lenders regard arrangements to pay as serious arrears, which is having a significant impact on your ability to obtain credit. Negotiating a lower amount to repay on just one occasion can indicate to lenders that you're struggling to meet your existing credit repayments, so you represent a greater risk should they lend money to you.

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