Default Notice

[Johnnyc]

Hi,

 

I have today received a default notice dated 14th May 2007. It states:"to remedy the breach you mst pay**** by 14th May 2007."

 

It is now 19th May. so how can I possibly pay by 14th May?

 

My question is obviously :can this be right or do they have to give 14 days notice to enable time to pay?

[gizmo111]

I could be wrong but I htought it was 28 days to pay.

[hagenuk]

Unfortunately it's less than that. Although the lender may allow more than seven days, the legal requirement is that the default notice must allow you at least seven days to comply with the action required and the lender can start court action for recovery of the money after complying with the requirement to send a default notice.

 

You do not have to make a payment within seven days, but you should contact them without delay with your proposal.

 

Although, from what you have written above, you do not appear to have been given any time at all! Write back to them and ask for an explanation, if nothing else, it will buy you another week or so while they reply.

[pford]

was increased to 14 days on the 1 Octobor 2006 under the new CCA 2006

 

1 October 2006 (CCD)

Extension of period for consumers to respond to default notices, from 7 to 14 days (section 14(1))

 

14 Default notices

(1) In subsections (2) and (3) of section 88 of the 1974 Act (contents and effect of default notice) for “seven” wherever occurring substitute “14”.

(2) In subsection (4) of that section after “it” insert “and any other prescribed matters relating to the agreement”.

(3) After that subsection insert—

“(4A) The default notice must also include a copy of the current default information sheet under section 86A.”

[tomterm8]

Hi,

 

I have today received a default notice dated 14th May 2007. It states:"to remedy the breach you mst pay**** by 14th May 2007."

 

It is now 19th May. so how can I possibly pay by 14th May?

 

My question is obviously :can this be right or do they have to give 14 days notice to enable time to pay?

 

 

Yep. The default notice is invalid. If they were then to terminate your contract and report it to the Credit Reference Agencies etc they would be liable for damages.

 

Have you CCA'd and S.A.R.'ed them yet?

[meshi]

Hi,

 

I have today received a default notice dated 14th May 2007. It states:"to remedy the breach you mst pay**** by 14th May 2007."

 

It is now 19th May. so how can I possibly pay by 14th May?

 

My question is obviously :can this be right or do they have to give 14 days notice to enable time to pay?

 

I found this

 

Removal of Default & Termination Notices - Accurate Default Notices are vital