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What is a Default Notice?

  • A default notice is a formal letter sent to you by your creditors (the companies you owe money to),stating that you are in default of your credit agreement by not keeping up to date with credit card debts or loan repayments etc.
  • Creditors are legally obliged to inform you in writing if you have missed a payment.
  • A default notice generally stays on your file for six years.
  • Under the terms of your credit agreement you will probably have agreed that the lender has the right to inform the credit agencies of any defaults you incur.
  • Unlike the Removal of CCJ, a default notice cannot be removed without the consent of the relevant creditor.
  • A default notice isn’t a legal action as such, but it can be used as a warning by your creditors that legal action will follow if you ignore the default notice.
  • It can be hard to get credit once you have received a default notice, therefore it essential to deal with a default notice as soon as possible, ignoring it will not make it go away.
Our panel of specialists can quickly advise you on what to do if you have received a CCJ. Simply call the team on 0800 088 2147.
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

What happens once I have received the default notice?

  • If payments are in arrears the creditor must issue a default notice before any legal action can take place.
  • Defaults are a warning and should be taken very seriously.
  • It is vital to act quickly and seek professional advice.
  • A default notice gives the lender 7 days to comply with the action required; this doesn’t always mean that you will be taken to court, but it is best to comply promptly with the instructions from the default notice to ensure the issue is resolved and that the creditor doesn’t take any further action.
  • If the default notice requires an immediate payment it will include instructions on how to do so; if you can easily afford to pay this, then this should be paid within the time frame to limit any court action.
If you are struggling to make the payments and you have additional debts and want to organise your finances by entering into a debt solution then we would provide you with advice and support today on 0800 088 2147.

Will I have to go to court because of the default notice?

  • Once the default notice has been sent the lender can start the process to recover the owed money by issuing a claim form.
  • If you receive a claim form this means that the creditor has started proceedings at the county court.
  • A claim form states who is taking you to court, the amount of arrears and the proposed action they plan to take.
  • In order to avoid court action it is advisable to contact your lender to establish a mutual agreement.
  • Court action will result in a CCJ (County Court Judgement) against you and an order by the court that the debt is repaid immediately or in instalments.
  • As long as the debt is less than £25,000 you will be able to apply to the court for a time order to give you more time to repay the debt.

Can my creditor or lender make me bankrupt?

  • If the amount due is in excess of £750 the creditor or lender can consider making you bankrupt.
  • Creditors also have the right to join together and make the total amount up to the minimum required although this is rare.
  • Bankruptcy threats must be taken very seriously.

Default Notice help

If you have received a Default Notice or your lender is threatening you with default then you need to get professional advice as soon as possible. We can review your circumstances and help find you a debt solution for you.

Expert help and advice when you need it most

Our team of specialist debt advisors can assess your financial situation and personal circumstances, and then recommend the best debt solution available to you. Simply call the team on 0800 088 2147
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

 

Solutions to deal with Defualt Notices:
Become stress free from as little as £100 pcm
With a Debt Management Plan you could simply pay one affordable monthly payment and no longer have to deal with your creditors..
See if you qualify  DMP eligibilty test
 
Write off up to 70% of your debt
If you qualify for an IVA you could:
Write off up to 70% of your debt
Freeze all interest & charges
Keep your house

See if you qualify  IVA eligibility test
 
Scottish Resident?- be debt free in 36 months
Be DEBT FREE in 36 months using Scotland's answer to the IVA.
See if you qualify  Trust Deed eligibility test
 
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DebtAdvice-Online.co.uk does not charge you any fees for our service, however the partners we work with help fund the DebtAdvice-Online.co.uk service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

 
 
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