If this is all correct, next, you should aim to contact the company you owe money to. What should you do when you get a default notice?įrom receiving the notice you only have 14 days to contact your creditor and arrange payment – so you must act fast.Ī default notice is your opportunity to stop a default from doing lasting damage to your credit score.įirst, check all the information on the default notice, including the amounts due and details of the payments missed, as well as your personal details, like your name and address. Your creditor is only able to issue a default notice when you’ve missed between three and six months’ worth of payments towards your account.
You shouldn’t receive a default notice for missing just one or two payments.
It’s possible to be issued a default for a larger form of credit like a bank loan, car finance agreement or mortgage, as well as utility bills, mobile phone companies or retail credit agreements, like a catalogue debt or furniture payment plan. If should also clearly state that it’s served under section 87(1) of the Consumer Credit Act 1974.Ī default can be issued on most types of credit agreement, for any amount of money owed.
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