Answer: Your credit rating will be undoubtedly be affected. All credit reference agencies keep accurate records of all your credit accounts.

In addition if you fail to keep payments up to date and default, then a default notice will be made on your credit file.

Any default notice is kept on your credit file for a total of 6 years (although any creditor can agree to remove them before the end of 6 years). This will probably affect your ability to obtain credit.

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