Default notice to take action to reciver debt

janey_jones

Can anyone give me advice on this please. I have been on a DMP with CCS since January 08 and being go the process. I received a default notice from my bank to repay overdraft and personal loan. I have been making payments and things are going ok. What should I do and what happens next. I live in Scotland .

fermi

Hi.

Getting a default notice is usually a matter of course in a DMP.

It is a formal notice by the creditor that you have failed to keep to the terms of your agreement with them. In a DMP you will very often be paying less each month than your original agreement with the creditor requires, so a default will be pretty automatic in that case.

See: FAQ - Questions about Debt Management

Will I get a Default Notice?

By entering into a DMP, your creditors can issue a default notice as you are defaulting on your original credit agreement. If you receive a default it doesn't automatically mean the creditor is going to take legal action. The default will appear on your credit file for 6 years from the date it was issued.