Barclaycard AP Markers from 2010 **WON/REMOVAL/COMP/INTEREST**

[bazinga]

Hi,

 

Looking for some advice.

 

Back in late 2010 my finances hit the skids somewhat and I've been trying to recover ever since.

 

I had large debts mostly on credit cards and negotiated reduced repayments on all of them.

 

4 of the credit card companies defaulted - these defaults will drop off my credit file over the next year or so once six years has passed.

 

However Barclaycard never defaulted either of the two accounts I have with them.

 

Initially I made token payments of £1 for 3 months on each account and then agreed a reduced monthly payment after this.

 

My credit report on Noddle shows 1 month late, 2 months late, 3 months late and then AP markers from January 2011 until November 2014 when I attempted to start making normal repayments again. I have since reached another agreement with them for reduced payments from January 2016.

 

My question is whether or not Barclaycard should have registered a default with the CRA's back in 2010/11 and in that case these accounts should have dropped off my record within the next year or so. Instead of which they will go forward for years to come and affect my credit rating in the future.

 

Can I get Barclaycard to issue a backdated default and put me in the same position I would have been if I'd paid them nothing in the last 5 years, rather than the more than £10,000 I have repaid to them.

 

Any comments or advice gratefully received.

 

J

[martin2006]

[email protected] is the compliance guy for Barclays

 

A complaint to him re the default dates should get you better results

 

Barclays like to do this and as you have been paying it restarts the 6 year clock every time you pay.

 

had you paid nothing then it would indeed drop off after 6 years, except barclays sell it on after 5 or so and then the dca hits you with an immediate default, trashing you for 11+ years.

 

i think an email to the above is needed, they are abusing process in not issuing a default in a timely manner IMHO

[bazinga]

Thanks ever so much for the reply Martin, I'll send an email today.

[Abby1415]

Hi Bazinga,

 

Did you receive a response at all to your email?

 

I am in a similar position and would be interested to know how you got on.

[bazinga]

Hi,

 

 

Apologies for late response to your question.

 

 

This is still in progress - notwithstanding the advice originally given in the thread, I had never actually asked Barclaycard if they would remove the AP markers and replace them with a default so I decided to do that first.

 

 

I've had a reply from them in the last couple of weeks stating that the AP markers have been correctly applied to my accounts in accordance with their policy and that if I wasn't satisfied then I should take it up with the Financial Ombudsman Service.

 

 

They offered and credited to my account £100 ("I am sorry you feel we are reporting information incorrectly and for that I would like to offer you £100"). Whether or not I can use that to my advantage remains to be seen.

 

 

I'm just about to compose an email to the compliance guy mentioned above and if that doesn't resolve to my satisfaction then I'll pass it on to the FOS.

 

 

I will come back with an update when I hear anything more.

[dx100uk]

worthy of a read both of you

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?454504-MBNA-IDEM-AR-AP-markers-that-should-be-a-default-**WON-AT-FOS**/page3

[bazinga]

that's very useful thank you for that.

 

 

Hopefully I'll get the outcome I'm looking for.

[bazinga]

OK so I sent the email to Michael Roemer.

 

In response to that email I have today received a letter from a Stephanie Woodpark, Customer Relationship Manager who says that they are not prepared to change any of the decisions made.

 

It seems that my only course of action is to take them to the Financial Ombudsman Service, so that's the next step.

 

If I don't get the response I'm looking for then I'm seriously tempted to stop paying and let them default me as these AP markers are going to remain on my account for years to come. I still owe them 12K.

[obiter dictum]

To be honest AP markers are better than a Default. Creditors see it although negative as you taking control of your finances. Give me AP over a default any day.

After about three years have past and you have kept a good credit profile it need not have such a detrimental impact those AP Markers

 

If these are the only negative things on your file i would seriously reconsider stopping payments, Actual defaults are no fun, believe me

[dx100uk]

AP markers are as bad as a default

and atleast once a default reaches 6yrs the account vanished.

AP markers never vanish

 

 

dx

[bazinga]

I have 4 other credit card accounts which were all defaulted in 2010-11, these will all drop off my credit file in the next year or so.

 

The other adverse information recorded is a few payday loans - I know, it's been a long hard journey back from rock bottom.

[bazinga]

AP markers are as bad as a default

and atleast once a default reaches 6yrs the account vanished.

AP markers never vanish

 

 

dx

 

 

So unless I get these defaults backdated I might as well default now, stop the interest and the accounts will drop off in 6 years.

 

If the interest stopped now at present repayment rate, it'll be another 9 years before they are paid off and so another 15 years before the AP's drop off.

 

As they're still charging 3% interest on the balance it could be best part of 20 years before they go !

Edited June 1, 2016 by bazinga

[slick132]

Hi Baz,

 

Did you read through the thread linked By DX in post #6 above ?

Edited June 1, 2016 by slick132
typo

[bazinga]

Hi Baz,

 

Did you read through the thread linked By DX in post #6 above ?

 

I did read it thanks, and hopefully I'll get the same result.

 

I've filed an online complaint with the FOS tonight requesting that the defaults be applied to the accounts and backdated.

 

I've also requested a refund of all interest charges from the time the accounts should have been defaulted - in Barclaycard's response rejecting my request they did state that when they do default accounts, interest charges are stopped.

Edited June 1, 2016 by slick132
typo in slick's quote

[slick132]

Hi Baz and noted.

 

Were there many (or any) default charges applied to the account before you came to a payment arrangement.

 

Do you still have older statements to check for these default charges.

 

[obiter dictum]

Just found this for debate.

 

Arrangements to Pay are the least damaging of all "adverse" data. They are almost on par with being late or in arrears but considered less damaging by lenders as the borrower has clearly addressed the situation and come to an agreeable solution with the lender, as opposed to blatantly violating the credit agreements.

 

With Equifax, the AP statuses show for four years. Once the account has been out of an AP for four years there will be no record of it having been. Call credit, same but three years. Experian, the special instruction indicator will stay there for six from the date the account was settled. The status codes depend on whether the lender goes for option a, b, or c above, and are recorded for three years.

Edited June 2, 2016 by obiter dictum

[dx100uk]

bottom line is AP never vanish & still harm file/rating

and that can be for upto 12yrs

 

 

if the account is defaulted

it eventually goes on the defaults 6th birthday

thus not further harming any rating / file.

[bazinga]

Hi Baz and noted.

 

Were there many (or any) default charges applied to the account before you came to a payment arrangement.

 

Do you still have older statements to check for these default charges.

 

 

I don't have statements from the time when this happened, but from memory there were default charges applied.

 

Just found this for debate.

 

Arrangements to Pay are the least damaging of all "adverse" data. They are almost on par with being late or in arrears but considered less damaging by lenders as the borrower has clearly addressed the situation and come to an agreeable solution with the lender, as opposed to blatantly violating the credit agreements.

 

With Equifax, the AP statuses show for four years. Once the account has been out of an AP for four years there will be no record of it having been. Call credit, same but three years. Experian, the special instruction indicator will stay there for six from the date the account was settled. The status codes depend on whether the lender goes for option a, b, or c above, and are recorded for three years.

 

 

 

That's all very well, but I made arrangements to pay with 4 other credit card companies who all defaulted me and stopped charging interest.

 

Those defaults will all drop off my record within the next 12 months

 

Anyway, complaint has gone in to FOS, see what they come back with.

[dx100uk]

i'd send BC an sar to get the statements

[obiter dictum]

Having just checked my credit file it seems i have arrangement to pay markers from last year with British Gas, Six months worth.

 

These markers have had no impact on my own ability to obtain credit. Last Saturday i received a Capital 1 Card with a credit limit of Two Grand

 

I understand every credit company use their own credit scoring methods but it has had no impact on myself these markers

[bazinga]

i'd send BC an sar to get the statements

 

 

Thanks, what's the reason I'd want to do this ?

[dx100uk]

I don't have statements from the time when this happened, but from memory there were default charges applied.

.

 

 

dx

[slick132]

Thanks, what's the reason I'd want to do this ?

 

This should get you data of all a/c transactions including default charges that you can reclaim from BC with compound interest on top.

 

This can make a huge dent in an outstanding a/c balance, particularly if the charges are older, say 5 or more years.

 

Reclaiming charges using court action can also lead to the complete removal of adverse CRA data !!

 

See an example here - http://www.consumeractiongroup.co.uk/forum/showthread.php?453389-Barclaycard-Default-Notice-Removal-**Claim-settled-(probably)**

 

[Abby1415]

Thanks for the reply, Bazinga.

 

& also for the information DX.

Hi,

 

 

Apologies for late response to your question. This is still in progress - notwithstanding the advice originally given in the thread, I had never actually asked Barclaycard if they would remove the AP markers and replace them with a default so I decided to do that first.

 

 

I've had a reply from them in the last couple of weeks stating that the AP markers have been correctly applied to my accounts in accordance with their policy and that if I wasn't satisfied then I should take it up with the Financial Ombudsman Service.

 

 

They offered and credited to my account £100 ("I am sorry you feel we are reporting information incorrectly and for that I would like to offer you £100"). Whether or not I can use that to my advantage remains to be seen.

 

 

I'm just about to compose an email to the compliance guy mentioned above and if that doesn't resolve to my satisfaction then I'll pass it on to the FOS.

 

 

I will come back with an update when I hear anything more.

[Abby1415]

Hi,

 

I received a call today from Barclay's specialist complaints team to advise me they have removed the default from my file as it was entered incorrectly. It should have been entered in 2009.

 

I was not expecting this and had not chased it following my email to Mr Roemer in June.

 

I will make a donation to the site to say thank you for your help not only with this but with other matters too.

 

Thank you all again. :-)