A notice of default or default notice is usually issued by a creditor or lender that you have enetered into agreement with and failed to keep up with. They will issue a default notice to you once they have given you opportunity to contact them regarding what is usually none payment of a credit account.
If the lender decides to issue a default notice, they have to by law update the credit reference agencies in the United Kingdom. The credit reference agency makes this public on your personal file by making future lenders aware at point of search that a default is in place.
If you have a default on your credit file you will encounter difficulty in obtaining credit at a keen rate.
Should you wish to find out more about defaults or if you have received a notice of default from one of your creditors, call our debt helpline today in confidence for help with debt, our lines are open and your call is FREE from a UK land line!
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