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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