Hi,
In 2012 and early 2013 I had some life circumstances that resulted in me getting behind in my credit card payments (late payments) and eventually I was unable to pay my 2 bank credit card bills which were then send to collection agencies.
I ended up paying a portion of the amount owing and the account was settled and closed, along with the bank account attached to it.
1st credit card settled and closed mid 2012.
2nd credit card settled and closed end of Dec 2012 but not reported as such until Feb 2013.