The Information contained within a Default Notice
A default notice should contain certain pieces of key information. Here is what should be on your default notice: –
- The creditors full name, address as well as your own full name and address.
- What type of agreement you have as well as information on how the agreement has been broken.
- How much it will cost you for early settlement (this applies to fixed sum agreements only).
- What steps you should take to resolve the issue.
- What will happen should you not remedy the situation.
What you should do if you receive a Default Notice
If you have received a default notice it is important that you take action. You should try to talk to the original creditor and set up a repayment plan. This could mean you pay your normal monthly payment plus extra towards your arrears.
Should you not be in a position to set up an arrangement then you should seek some debt advice as soon as possible. Ignoring the matter won’t make it go away and things will only get more complicated the longer you leave it. The debt advice page can put you in touch with an organisation who can help you with your debts. The chances are that if you have received a default notice you probably have other debts too. Getting the right kind of help now can save you a lot of stress and worry further down the line.
What happens after a default notice has been issued?
You typically get 30 days to remedy your breach of the agreement. After that time if you don’t remedy the breach then a creditor may do one or any of the following: –
- Seek repayment of the debt through the County Court.
- Instruct a Debt Collector to collect the Debt.
- Arrange a doorstep visit.
Remember that you can get help with your debts. Please visit the Debt Advice Page to find out more about your options and to contact an organisation who can help you.