Notice of default letter template1/25/2024 ![]() The CCA applies to unsecured loans, credit cards, store cards and hire purchases – but not mortgage lending. It regulates how lenders must operate and provides credit protection to consumers. The CCA 1974 governs some types of credit agreements. The letter is typically sent if you have not paid the full amount agreed upon within your credit agreement over three to six months (though the timeframe may vary depending on your credit agreement).Īs it is a notice, you are given a minimum of 14 days to catch up by paying what you owe.ĭefault notices can only be issued on debts that are regulated by the CCA (Consumer Credit Act). What is a Notice of Default?Ī Notice of Default is a communication from your creditor informing you that you are behind on repayments and that your account will soon default. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact find, MoneyNerd doesn’t give advice. ![]()
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