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What makes a default?


NeilP
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  • 2 weeks later...

Taken from the FAQ's:

 

Defaulted account

This is an account for which you have not kept to a credit agreement and the relationship between you and the lender has broken down. The lender has terminated the credit agreement. A record of these accounts is kept for six years from the default date.

 

Default notice

A default notice is a formal letter a lender sends you when you are so far behind in your payments that they have decided your relationship with them has broken down. This varies from lender to lender but generally happens when you are between three and six months in arrears. If you receive a default notice it might mean that the lender is planning to take legal action to recover the money, but you must be notified separately of this. A default notice will almost certainly mean that the account will be shown as defaulted on your credit report, which will make it difficult for you to get credit. This information is kept on your report for six years but the balance should be updated as you make repayments and after six years it is removed, whether or not you're fully paid up.

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  • 12 years later...

This topic was closed on 03/07/19.

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