If the arrears on your agreement have built up to an unsustainable level, and we haven’t been able to reach you to agree a way forward, or if you’ve broken a crucial condition of the agreement, then we will have to send you a Default Notice. You should read this document carefully, and if you are able to, take the action required by the notice.
We will always want to work with you to get the best outcome possible, so we recommend you contact our Customer Services Team, so we can work through your options. If we’ve sent you a Default Notice and we don’t hear from you, we will move forward with our Default Termination process and look to recover the vehicle.
A default notice is a formal letter which is usually sent by a creditor after three to six missed payments. They can only be issued for debts that are regulated by the Consumer Credit Act.
The default notice letter will warn that your finance account or agreement is about to ‘default’ (meaning the debt has failed to be paid or the agreement has otherwise failed to be met), usually because you’re behind with your payments or because of another breach of the agreement terms and conditions.
There are many things a default notice letter will include:
If we’ve sent you a Default Notice, and you want to discuss your options or for us to explain any of the information it contains, please contact our Customer Services Team as soon as you can.
By Sarah Jane