‘Default’ is a term used to describe a credit account where the relationship between you and the lender has broken down. This occurs when the account is in serious arrears. At some point whilst the account is in arrears (most lenders make this decision on a case by case basis) the lender may issue a Default Notice, formally requesting that the arrears are repaid or in some cases the full outstanding balance of the account. The lender should give you 28 days to comply with this request. If you do not comply with the Default Notice within the required timescale, the lender may start legal proceedings to recover the debt and may register a Default with Callcredit.



Next FAQ:  Information relating to a SHARE record on my credit file is incorrect. How do I get it corrected?