Definition · Glossary
Default notice
Debt & Debt ManagementBad Credit
In plain English
A default notice is a formal letter from a lender warning that you are in breach of your credit agreement, usually due to missed payments. It gives you a period (usually 14 days) to bring the account up to date before a default is registered on your credit file.
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Example
After missing three monthly payments, the lender sent a default notice giving 14 days to repay the missed amounts before recording a default.
Don't get caught out
Common misunderstandings
- A default notice is a warning, not a default itself — you have time to act before the default is recorded.