Capital One "default sum"

Steven--_3

Hi

Received a letter today from Capital One saying they were charging me a "default sum" on my account

This is a card with a tiny limit, so easy to creep over every now and then. Generally its settled each month, some months I have to use it, and sometimes I go over, though I can't recall missing payments, and certainly not receiving a letter to that effect

My question is, is a "default sum" a dreaded "default" as recorded on my credit file?

I will be absolutely gutted if so, as I say, this has a limit of £200 and can be settled whenever if need be, but also provides a nice buffer. I assume I've just not checked my account at some point, sent a payment late or whatever, it's certainly never been over by more than say £25

That would be so disappointing to end up with a default over such a small amount

thanks

-edit-

this is an "overlimit default" sum rather than a "late payment default sum"

akashi

You will have to miss quite a few payments in order to be defaulted. "Default sum" could just mean over limit/miss payment charges.

Even a late/miss payment will go on your file which in turn will damage your rating.

Steven--_3

Thanks for that, I think it must just be the wording

Just gone back over the last year and there are 3 of these "default sums", £12 each time as a penalty for creeping over the limit

It doesn't sound like a dreaded "default" does it?

Though I take your point about late/over limits being recorded as well.....

Mrs_Ryan

Its just a 'charge' if you like.

It would usually have to reach what's known to Cap 1 as PD5 to default...

So its a fee for being OVL/ late payment.

~Brock~

From the 1st October there was a requirement for all lenders to notify customers in writing within 35 days of any charges being levied on their accounts.

These letters will now be hitting people's doormats en-masse.

There is statutory wording that must be included in the letters - one of which is the title of the letter - Default Sum Notice ..

Assuming that you knew about the charges anyway from your normal statements, these letter are nothing to worry about.

Lop1

Newbie poster here.

Just wanted to thank you for this thread. I've opened a letter which arrived yesterday, with the dreaded word "default" mentioned.

As I'm just 14 months away from having 2 *REAL* defaults finally slip off my credit record, I'm extremely grateful to read that this "default sums" notice isn't the same thing!

Considering the payment has actually been made (8 days past due) I thought getting a default marked on my credit record was a tad OTT, so thought I'd have a little google and see what I could do about it.

I must change the payment date. A combination of receiving my wages cheque a day later than I used to and good old Nationwide extending the length of time taken to clear cheques deposited means I'll never have the funds available by the 28th of each month!