Default notice help

Cometstoast34

Hi all, have been reading a lot of great advice on here last couple months. I've just started facing my debt repayment journey and after reading advice on here have stopped paying and have been ignoring my 3 creditors (2 unsecured loans (Abound & Lloyds Bank & 1 Zopa credit card) with debt totalling around £10k. One of my creditors, Abound By Fintern, has just sent me this letter today. My question is: is this an actual default notice? One of the reasons for asking is that I've only missed 2 payments so far and it's not even been 3 months so seems a little quick for them to default me?

Another question is what do I do next, set up a repayment plan via standing order or wait for the debt to be sold on?

Thanks in advance for the help. 

fatbelly

Yes it's a default notice

It sounds like they are planning to sell it to their debt purchase partner, so I'd wait for that

Cometstoast34

fatbelly said:

Yes it's a default notice

It sounds like they are planning to sell it to their debt purchase partner, so I'd wait for that

Thank you, so I just do nothing until the date on the letter (28th Nov) and see what they say? 

sourcrates

Yes that is correct, whatever they choose to do with your debt, you will be written too.

If they sell it to their "debt partner" the debt partner will write to you first offering repayment terms.

Don`t expect that date to be a line in the sand, they company will write to you but it may take a while.

Although this company appear to be on the ball issuing a default notice so soon, the debt purchaser will likely move at a much slower pace.