default notice on paid loan

woody01

nathancuk wrote: »

ok sorry but i like to have the legal defention or Law for this subject
where do i find this i cant go through life accepting a non valid reason
really would like some more info - when is a default legally placed -
i.e if you do not pay a loan for three payments

id rather not accept an awnser like
"those are the breaks tuff luck kiddo" we need to stand up and fight against unfair practices like these

the simple fact that if you miss 3 x £150 payments then manage to raise £3841 in two months and pay off the sharks is outstanding in my opinion
are we supposed to just let these guys come round and break your legs because you were late a couple of times

sorry i dont accept the fact is you missed some payments tuff this is unacceptable
grinds my gears lol

!WHOS WITH ME!

You defaulted.
Whether you paid the balance at a later date is neither here nor there.
You didnt pay in time hence the marker.

Just get over it and move on.

inmypocketnottheirs

With thanks to corbyboy:

To default on a debt is to fail to pay it upon its due date. Default in contract law implies failure to perform a contractual obligation.

Under the terms of the agreement you will have signed, it will say that if the repayments are not kept up to date, then a default notice will be issued.

A lender can not take legal action against you until they have given you the chance to remedy your breach of the agreement. The default notice is given as your one last chance to put things right. A default notice gives you thirty days to remedy the situation. If the agreement is then brought back into terms, i.e. payments are then up to date, then no further action is taken and the default notice is not notified to the credit reference agencies.

If the account is not back in terms at the end of the 30 day default period then the default notice is notified to the credit reference agencies.

That may be harsh, that may be unfair, but that is how it works, and that is what you signed up for.

nathancuk

ok that clears things up

read your print in future
thanks for your help:T