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I have an unsecured payday loan on which I have been unable to keep up repayments. The first missed payment was at the end of September, subsequently missing payments at the end of October and November. Received an email last week stating that:

 

Pursuant to the Loan Agreement that you signed and the Terms & Conditions thereof, you are in default of the above referenced loan AND have failed to take corrective action as detailed in the Default Notice sent to you at least 15 days ago.

 

 

We hereby exercise our contractual right of Acceleration. This means that:

- Your entire loan amount of principal, accrued interest and fees of £xxxx is now due.

- We may notify the Credit Reporting Agency of your default on this loan.

- We may sell your debt to a third-party debt purchaser who may exercise any rights available under the law in collecting the amount owed.

- Interest will not accrue from this point forward.

 

Now as I remember, ICO guidelines state accounts shouldn't be filed as in default until the account is 3 payments behind. I am now three paments behind but the default notice was sent prior to missing the third payment. Am I correct to think they have failed to follow the requirements regarding default notices? If so, as they have terminated the account, am I correct in my belief I am now only due them the arrears, and not the full balance?

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When I defaulted with Minicredit they issued a default the same day of my missed payment so not sure if this 3 payments behind thing is true.

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ive just had a default 2 notice after first missed payment failed on 7th..and 2nd missed today....xxxx told before hand not to use my debit card as i had priority rent to pay..and withdrew my authorisation for them to attempt to use it..so occurred charges as well..fos were great..they put in complaint for me..and minicredit asked me to use someone elses debit card to pay..in which fos stated this is not allowed....bunch of muppets they are...

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