Terminology help

spiritless

Is an arrangement to pay the same as, or seen to be similar to a default?

KirstyO

A default is a missed payment which a creditor can attach to your credit file, from experience it normally takes more than 1 missed payment for them to put it on your records but by rights they could do it after 1. A default can affect your borrowing and credit prospects for up to 6 years

Sazzie23

I believe a default is also part of the legality process which can be used when applying to court for a CCJ etc. A default will stay on your file for 6 years from the date of the default. Often creditors threaten defaults as part of the process but don't actually officially issue' default notice'.

Arrangement to pay is an informal agreement between creditor and customer, it may or may not appear on your credit file and can stay on for up to 6 years from the last AP marker.