Default notices

mrjoshua88

Good morning all

So I’m currently in the process of waiting for my accounts to default before proceeding to a self-managed DMP arrangement. I’ve had two default notice letters today from Aqua and Amex. Do I just ignore these and continue waiting it out, or does this mean that these two have actually been defaulted now?

sourcrates

A default notice is a document a creditor must send to you under the terms of the consumer credit act, when you have failed to make the required contractual repayments.

The standard wording goes something like "You have 14 days in which to rectify this breech, otherwise a default may be registered on your credit file".

You must wait until you actually see the default marked on your file, a default notice, and a default on your credit file, are two separate things, but both are triggered by the same action, non payment.

mrjoshua88

Perfect. So just keep an eye on my credit report then. Thanks for the clarification.