Payment Plan - will it affect my Credit Score further

JLHE

The bank closed my credit card and considered it a default.
They demanded money to bring it up to date and so I paid half of it, promising to pay half when I got my wages.
Next day, they phoned again, saying that that was not good enough and that I should have been put on a payment plan, otherwise it would go to the Debt Collectors. So, I went for it.
Will a payment plan affect things any further? Should I have told them to hang on so that I could get my partner (who wasn't present at the time of the call) to pay the other half?
Please give me some helpful advice!

stephane_2

I suggest you check your credit file but if your bank have given you a default it will stay on your file for 6 years which can have a big impact to get further credit during that time.

stephane_2

If your bank had offered you a payment plan then I would have had accepted simply because you already have defaulted on the account so payment plan will not make really any difference to your credit file. If I were you I would try to come to an agreement with your bank, the last thing you want is to have to deal with debt collectors...they are the worst kind of people!!