arrangment to pay vs default

superstud

My partner is in a arrangement to pay for her £4k overdraft she is struggling only paying £20 a month she.


She's wondering if she lets them issue a default rather than having an AP marker for 20 years. whether that will effectively wipe off the debt after six years and what the bank could do e.g. ccj or anything?


All advice welcome.

[Deleted User]

No they won't wipe off the debt.

She is still contracted to make payments.

If you ignore them you could end up with a court order for the full amount owed plus interest and costs etc.

YorkshireBoy

She seems to have given up! Is that because she'll never work again/increase her earnings, or is it because the £4K is part of a much larger overall debt?

You're her "partner", can't you help bolster her payments? (Why) wouldn't you want to?

superstud

i'm not working at present, neither is she thats why shes paying a low amount - all they would take without defaulting it.

YorkshireBoy

superstud wrote: »

i'm not working at present, neither is she

But that's only a temporary situation isn't it? Be a shame to destroy your credit files by defaulting when increasing the repayments when you both get back to work would see it paid off...unless, as I asked earlier, this is part of a larger debt problem?