What is a Default Notice?
Introduction
A Default notice is simply a record placed on your file by creditors stating that you have been in default in some way. Such notices may have been placed without your knowledge and despite a subsequent remedy to the default.
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 default.
If you need to check your credit files check out Repair Your Credit History for the standard letters to send to the major credit reference agencies.
Unlike the procedures for the Removal of CCJ’s you cannot have a default notice removed without the consent of the relevant creditor/lending institution.
In this section you will find all the procedures and correspondence to help you arrange the removal of the notice.
The willingness of the lending institution will depend on whether any of the following situations apply to you:
- The default notice was served but payments have now been brought up-to- date
- The loan has now been fully repaid
- Payments are still in default but a repayment schedule has been agreed or you wish to agree a revised repayment schedule
- You disagree with the default notice, and it has been placed on your file incorrectly
- You may have unknowingly fallen behind on a Mail Order company account. Most Mail Order companies do not send out reminders and may have terminated the account as a bad debt
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
[more...]
DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]