what does it mean to be in default?

Beccal_3

I have just started on a DMP with the CCCS, and have contacted all my creditors. Natwest CC sent me a nice (well not nice but not as horrible as I had expected) letter to me yesterday, giving me all the info i needed to pass to the cccs, but inb it it said

your account will now be terminated and defaulted, unless this has already happened.

What does this mean? i'm guessing they have accepted the fact that I will be going through the cccs, but would like to know what they mean by defaulted.

south28

through payplan for the Halifax and about every 6 weeks , i get a letter from teh Halifax saying what my arrears are and how far behind my " normal " payments I am - I called payplan when i got the first one of these and they told me that the Halifax are trying to bully me into saying " oh dear , if I am that far behind , I should pay more to them " obviously I have not done this and to be fair the letters are now not as frequent from the Halifax - I do get regular statements from them though - more so now I am within my limits

asharon

When they say you have defaulted them mean you have failed to make your regular payments is all.

"A failure to make agreed payments of interest or principal."

tango

hi basically a default is a term used to descibe a credit account where the relationship between the account holder an the lender has broken down. this occurs when the account is in arrears. at some point whilst the account is in arrears the lender may issue a default notice to the account holder,formally requesting that the account holder repays the arrears or in some cases the full balance.the lender should give 28 days notice. if the account holder does not comply with this notice the lender may start legal proceedings to recover the debt and register a default with one or more CRAs
i have two of these lovely things :grinheart