Payment plan

[raven1969]

A few years ago i was having trouble with my monthly payment on my Barclaycard and was put on a monthly payment plan which has been running fine ever since.

 

My current balance is £2211 with a credit limit of £2500 (although i have no access to the available credit)

 

My wife and i are trying to get a mortgage but our advisor said that having the payment plan on my credit file does not look good to lenders and i should get it reverted back to a normal account.

 

I have spoken to Barclaycard and they have blankly refused to do this. They have said that the account will stay on the repayment plan until the balance is zero and then they will close the account.

 

I have even told them i do not want access to the funds as the balance drops, only to have it as a normally operating account. To add to the misery i always get a person in India who has never heard of experian or equifax.

 

Is there anything i can do or am i stuffed !!

[rebel11]

Hi Raven

 

Welcome to CAG

 

The guys will respond shortly.

[slick132]

Hi Raven,

 

I think you will be unable to get the a/c reactivated so it shows as "normal" again, unless you clear the balance. Even then, BC would be unlikely to reopen the a/c although I doubt that would be as important to you as getting the credit files "cleaner".

 

1. How long has the repayment plan been running.

 

2. Are there any penalty charges on the a/c in the last 6 years for late or missed payments. These can be reclaimed in full plus interest.

 

3. Is there any mis-sold PPI on this a/c which you can also reclaim, to reduce the balance owing.

 

4. Could you settle the a/c balance or at least increase the payments that you make, to pay it off quicker. If it is cleared, this will improve your credit rating.

 

8-)

[raven1969]

Thanks for the info. I will have to look into any late payment charges i have recieved over the years. How would i go about claiming them back ?

 

Also how detrimental is it to my credit file having an account with a repayment plan showing ?

 

Many thanks in advance.

 

R.

[slick132]

Look for a thread about claiming charges that is marked **WON** to see how it's done, Her for instance - http://www.consumeractiongroup.co.uk/forum/showthread.php?206050-Webby-v-Barclaycard-**WON-with-CCI-and-Older-Charges**

 

Also, read the Interest Tutorial at Link No3 in my signature below. Claiming Interest in Restitution will maximise your claim, particularly if there are older charges on the a/c.

 

Re your Credit File concerns, it's all relative. Eg, a Repayment Plan that is being adhered to is not as bad as one that is not. Worse still is a Default Notice and even worserer is a CCJ.

 

So the Repayment Plan will show as an adverse entry and, when it's paid off, it will be slightly less adverse.

 

8-)

[raven1969]

Many thanks for the information slick.