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Hi there all,
I've just started reading a lot more about an arrangement to pay that's on mine and my wifes credit file.
Firstly, my wife has been on an arrangement to pay with Aqua credit card since 2013
I also have an Aqua card and with everything at home changing i also have now been put on an arrangement to pay for 1 year and then its reviewed.
After they put me on the arrangement i started looking into how it effects my credit, i have several other creditors and all of those accounts are all nice and healthy and up to date, Its just my Aqua card that i have been struggling to meet the payments on.
I've read lots of mixed views on an Arrangement To Pay, some saying its worse than a default & some saying its not seen so bad as it shows an attempt to resolve any issues.
I don't have any defaults nor any late payments on any of my accounts that are on all 3 credit reference agencies and i'm now starting to doubt if i should go along with this Arrangement To Pay, And possibly try to look getting the money elsewhere each month.
Would it completely destroy my credit if i did go on this arrangement? I'm hoping its only going to be a temporary thing for a couple of months vs a long term thing.
My other question is in regards to the arrangement to pay that my wife has in place with her Aqua card.
She AP has been registered with the CRA since 2013, I'm wondering would my wife be better to default her account so it registers as a default and not have these arrangement to pay markers applied each month? The reason i'm asking is if she defaults then it would drop of from the default date ( For example if it defaulted next month )
However, if she continues with the arrangement to pay, if she clears the debt in 3 years time on this arrangement its then going to be 6 further years for them arrangement to pay marks to come off so this would end up totalling 9 years of negative data on the credit file.
I don't know what is best to do and would be very grateful if someone could possibly give some advice.
Thank you.
I've just started reading a lot more about an arrangement to pay that's on mine and my wifes credit file.
Firstly, my wife has been on an arrangement to pay with Aqua credit card since 2013
I also have an Aqua card and with everything at home changing i also have now been put on an arrangement to pay for 1 year and then its reviewed.
After they put me on the arrangement i started looking into how it effects my credit, i have several other creditors and all of those accounts are all nice and healthy and up to date, Its just my Aqua card that i have been struggling to meet the payments on.
I've read lots of mixed views on an Arrangement To Pay, some saying its worse than a default & some saying its not seen so bad as it shows an attempt to resolve any issues.
I don't have any defaults nor any late payments on any of my accounts that are on all 3 credit reference agencies and i'm now starting to doubt if i should go along with this Arrangement To Pay, And possibly try to look getting the money elsewhere each month.
Would it completely destroy my credit if i did go on this arrangement? I'm hoping its only going to be a temporary thing for a couple of months vs a long term thing.
My other question is in regards to the arrangement to pay that my wife has in place with her Aqua card.
She AP has been registered with the CRA since 2013, I'm wondering would my wife be better to default her account so it registers as a default and not have these arrangement to pay markers applied each month? The reason i'm asking is if she defaults then it would drop of from the default date ( For example if it defaulted next month )
However, if she continues with the arrangement to pay, if she clears the debt in 3 years time on this arrangement its then going to be 6 further years for them arrangement to pay marks to come off so this would end up totalling 9 years of negative data on the credit file.
I don't know what is best to do and would be very grateful if someone could possibly give some advice.
Thank you.
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