Notice of Default - Creditor Default Notices
A Notice of Default is also known as a Default Notice. It is issued by a creditor that usually is demanding late payment on an account and this default notice forms part of the creditors legal collection procedure.
A creditor is required to send a default notice to the debtor by law, prior to commencement of legal proceedings to secure the remaining balance outstanding.
Why would I have received a Default Notice?
- Missed or late payments on credit accounts
- Failure to adhere to an agreed repayment plan
- Ignoring a lender chasing an outstanding debt
If a lender issues a Notice of Default against you, they should also by law update your credit file which is available for other lenders to see when you make applications for further credit.
Once a default is registered on your credit file it would usually remain there for a period of 6 years.
If you need further information regarding Default Notices and a CCJ or County Court Judgement, get simple advice about how to clear personal debts, call our free debt helpline today in total confidence using 0800 018 6868