I owe 6200 on a PTSB card and haven't been able to make the full monthly repayment since Xmas. I've kept up to date with them and my situation and they have accepted 100 euro per month. However, we're coming up to the 4th month now and they say if I don't repay the arrears (over 800) then it goes to the Irish Credit Bureau. I want to avoid a mark on my credit record at all cost but there is simply no way I can pay this amount.
If I default they say they will waive the interest and I can keep paying back the 100 per month. Unless there's a way of protecting my credit history,this seems like the best solution, as an extra 60 per month would go towards the capital repayment.
Any advice from anyone in a similar position would be helpful. What are the full consequences of defaulting as opposed to continuing to pay the interest?
If I default they say they will waive the interest and I can keep paying back the 100 per month. Unless there's a way of protecting my credit history,this seems like the best solution, as an extra 60 per month would go towards the capital repayment.
Any advice from anyone in a similar position would be helpful. What are the full consequences of defaulting as opposed to continuing to pay the interest?