Missed payments are reported to your credit file straight away. After around 3–6 months a default notice is issued, and the account is usually closed and sold to a debt collection agency.
The debt itself does not vanish, but interest and charges normally stop once a default is registered. The default stays on your file for six years from the default date, not from when you clear it.
You can usually still negotiate affordable repayments, a token payment, or include the card in a formal debt solution at any stage — the earlier you act, the more options remain open.
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