Print This PageA default notice is normally issued after you have failed to comply with the terms of your credit agreement.
If payments are in arrears, under the Consumer Credit Act 1974 the lender is required to issue a Default notice prior to taking legal action. This allows you the time to pay arrears on account.
The default notice will then allow you 7 days to rectify the situation. A copy of this default notice is likely to be registered with the Credit Reference Agencies.
If you do not comply with the default notice the lender can commence legal action. This could include a County Court Summons or even a Bankruptcy Petition.
If you have received a default notice and would like to discuss it please contact us.
