I have received a Default Notice, what do I need to do?

Barney says:

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.

What is a Default Notice?

A default notice is a formal letter from your creditor warning that your account is about to default because you’re behind with your payments. A default notice is sent after three to six missed payments.

A default notice is also sometimes referred to as a ‘default letter’ or ‘Notice of Default’. The notice will give you 14 days to pay any amount owed before issuing a default.