Re: Thank goodness
"In other words, you default."
This is not a default.
A default is between you and a bank but is not the same, legally, as a CCJ.
Though creditors might see it the same.
Though it does stay on your file for 6 years, making it extremely unlikely you'll get a mortgage, credit card, loan, car finance or possibly even a phone contract until it drops off.
Not as bad as a payment arrangement without default, which means it stays on file for 6 years from the date of the last payment!
Biting the hand that feeds IT
