Default procedure?

[lozzzy]

Afternoon All,

I’m trailing the net but not having a lot of use trying totrack down any definitive procedure a creditor must follow before applying adefault notice to a credit file.

Can anyone help please?

[BRIGADIER2JCS]

All creditors/lenders have their own criteria for when

a default is placed.

 

Usually up to three missed payments after which a Default

Notice giving the debtor a set time tp remedy the default,

if the debtor fails to rectify the default the entry is place

on the credit files and remains there for 6 years after which

it is removed paid or not.

The time scale may vary company to company eg., if motor insurance

is paid by installments if ONE payment is missed a default notice

immediately issued with 7 days to remedy after which the insurance

is void and the default is placed.

[BRIGADIER2JCS]

A default will not be placed IF it is remedied in time.

[dx100uk]

the default remedy date must be in the format dd/mm/yyyy NOT just say 14 days from the date of this letter.

that time limit is in working days.

 

the postage time is:

 

2 working days for 1st class

4 working days for 2nd class

 

if the letter is via UKMail or any other company other than Royal Mail then:

 

if the envelope has S on it - that is 2nd class mail.

 

it is known that that takes 5 days to get into the royal mail delivery system

and 4 days to be delivered as std 2nd class mail - 9 working days.

 

 

dx