Notice of default sums

On_a_mission_

I am about to go into a DMP, well I will be when my credit accounts default. I started missing my payments this month so the ball is rolling.

I have received a letter from PayPal today titled Notice of Default Sums. Saying £12 has been added to my account etc.

Just wanted to check this isn’t a default? It’s come in pretty quick, just a couple of weeks since missed payment.

Should I just ignore this or do I need to do something about it? Also does anyone know the steps/letters I will receive as these accounts default and how long that is likely to take? It all seems a bit confusing with the word default being used in these letters.

Thanks in advance for any help.

RAS

It's not a default.

You will receive a scary letter telling you that you have to repay the entire debt or they will terminate the agreement. That is required by law.

You ignore it and hope the default is registered a month or so later.

sourcrates

This gets asked all the time, no its not a default, it is what it says it is, a notice of default sums in arrears.

Its to tell you, that you have been charged a £12 default sum, for missing payments.

When they do default the account, you will be notified in writing, and the letter will state something like this:

"This is a default notice sent under section 87 of the consumer credit act, and will demand full payment of the arrears within 14 days, if you fail to remedy the breach a default will be added to your credit file".

On_a_mission_

Thank you both for your responses, I tried to look for an answer for this but was still confused so appreciate the clarification.