Your home may be repossessed if you do not keep up repayments on your mortgage.
Get a Mortgage Quote · Mortgage Help Desk · Mortgage Calculators
What is the Default Process?
What is the Default Process?
This depends on the type of a debt.Where the default concerns a mortgage the default notice must comply with the consumer credit act 1974, which states that the nature of the debt and how it can be remedied must be confirmed to the borrower.
Where the default concerns a personal loan or a credit card, the default notice must comply with the Consumer Credit Act 2006. This states that the default notice must list:
• The Name and address of both the creditor and the borrower
• How the borrower has breached the agreement.
• What the settlement figure is
• How the borrower can remedy the situation.
• What the consequences are of failing to act on the notice.
| Previous : Default register | Next : What happens after the default is registered? |
- Environment Agency Flooding
- Consumer Credit Counselling Service
- Housing Corporation
- National Security Inspectorate
- Mortgage Calculators
Neither Mortgage Meadow or Home of Choice is responsible for the information contained within these external sites.