Default too early and unlawful recission of contract?

[craigers]

On 31 October 2012 I missed a second consecutive payment on a 12 month high interest loan. On 1 November 2012 I received an email from my creditor containing the following:

 

Two or more instalment payments under the above loan from are overdue. Because of these overdue payments, your customer status has been changed to "In Default".

 

...

 

In order to keep your customer status in good standing, and avoid damage to your credit rating, you are required to repay these instalment payment(s) in full within 15 days from the date you receive this notice.

 

If at any time you have three unpaid instalments outstanding, we will call your entire loan balance due and payable (Acceleration). We will also update our Credit Reporting Agency of your Default status.

 

If we do not receive payment or a response from you with alternate arrangements, we will take appropriate collections measures which may include, but are not limited to, the use of a third party collections agency or sale of your debt to a collections company.

 

 

On 30 November 2012, I missed my third payment on the loan. On 3 December 2012 I received an email from my lender, part of which stated:

 

Pursuant to the Loan Agreement that you signed and the Terms & Conditions thereof, you are in default of the above referenced loan AND have failed to take corrective action as detailed in the Default Notice sent to you at least 15 days ago.

 

 

We hereby exercise our contractual right of Acceleration. This means that:

- Your entire loan amount of principal, accrued interest and fees of £xxxx.xx is now due.

 

I believe I did indeed receive a notice of intention to file a default/default notice through the post in November,but prior to missing the third payment.

 

I have several questions:

 

1) Can they default after only 2 missed payments? My understanding from the ICO is that normally it should only be after 3 or more missed payments.

 

2) If the default was issued too early (the email seems to give me til 14 November 2012 to pay the arrears), and the account terminated on 3 December 2012, am I correct in my understanding they can only pursue me for three months arrears?

 

I'll have to rake out the correspondence I have received so I can give you more info. As it stands, there is no default registered with experian, although i suspect my creditor doesn'treport to them.

[dx100uk]

unless the default notice is in the correct format

 

[and if they have actually NOT stated and actual date in the format DD/MM/YYYY

then it IS - on atleast that front]

 

its invalid.

[Conniff]

You don't say if you wrote to them as requested ?

[craigers]

I never wrote to them. Head in the sand thing. Default date is 28/11/12- two days before I missed my third payment.