Should I Default

18 Posts

Hi,
I've got myself in quite a bit of mess in terms of debt. I had the persistent debt letter from Virgin CC and that card is now blocked as I did not agree to increasing payments, does this count as an agreement to pay? If so, would I be better off allowing this to default to get that marked on the credit file now rather than it dropping off 6yrs after paying it off? What is the process for defaulting? Once defaulted does interest stop and can I then return to paying without further issue?
TIA
I've got myself in quite a bit of mess in terms of debt. I had the persistent debt letter from Virgin CC and that card is now blocked as I did not agree to increasing payments, does this count as an agreement to pay? If so, would I be better off allowing this to default to get that marked on the credit file now rather than it dropping off 6yrs after paying it off? What is the process for defaulting? Once defaulted does interest stop and can I then return to paying without further issue?
TIA
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If you put together your SOA (Statement of Affairs) using the link in my signature, then "format for MSE" and copy and paste to this thread, we can take a look and try to help you identify your best course of action from here. You need to make the SOA open and honest and ensure that it refers to your current situation - not what you think you should be paying out each month, or guessed amounts. he best way is to get together a year's worth of card and bank statements to inform the category entries to make it as accurate as possible.
Just to clarify, with them stopping the card, this is worse than a default? It doesnt appear as a marker on my Credit Report but I might be missing something.
I'll look to put together a SOA.