Default Information

A Default, must show date and amount of default, is a formal demand for payment of some form of Agreement, say, a Hire Purchase Agreement that you have missed three payments of.

A Default must contain a number of regulatory requirements. That it is served under the Consumer Credit Act, the demand must say who you are, delivered to where you live (or work), who the creditor is, their address, how to contact them, what is owed, what it is owed for, when you must pay the amount by and what will happen if you do not pay i.e. "if you do not pay £100 by 12/11/03 we will take legal action", and finally that you should seek advice.

A CCJ and a Default are both regarded as serious information by lenders etc. You cannot pay or satisfy a Default: it is just there! (Very, very unfair). An inexperienced clerk at a finance company can send a Default to you without any supervision or serious default.

A further note about Defaults

If you are in a position to settle a Default Notice, on receipt of the Default contact the creditor and talk to a supervisor. Tell them that their Default Notice is unfair, extremely damaging and may well jeopardise your current financial standing to the extent that you can foresee one  creditor in particular who will get 'extremely nervous' if you are seen to be unable to maintain payments to another creditor: this is not a big lie, nor a little one, its the truth!

Ask them to cancel he Default Notice (and yes they can, quite easily) and that you will make the required payment: I suggest you find what they need if at all possible.