Even if you think there has been a mistake, reach out to the company or creditor and start a conversation. Where do default notices come from?Ī default notice is only sent by your creditor or lender as a formal letter.ĭo not ignore these letters as it will likely make your situation worse. You can recognise a default notice because the letter usually has “Default notice served under Section 87(1) Consumer Credit Act” in the header. The CCA is applied to loans, credit cards, store cards and hire purchases – but not mortgage lending. The CCA 1974 governs some types of credit agreements. The letter is typically sent if you have not paid the full amount agreed within your credit agreement over three to six months.Īs it is a notice, you are given a minimum of 14 days to catch up by paying what you owe.ĭefault notices can only be issued on debts that are regulated by the CCA. In this guide, we explain what a default notice really is and what you can do if you have received one.įight back against your debts with these details, charity advice and key knowledge! What is a Notice of Default?Ī Notice of Default is a communication from your creditor, informing you that you are behind on repayments and your account is soon to default. If you have received a Notice of Default, you’re probably feeling a little confused and might be worried. Default Notices – What are they and what do they mean?
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