Your home may be repossessed if you do not keep up repayments on your mortgage.
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What should you do if you receive a default notice?
What should you do if you receive a default notice?
Firstly do not panic, sometimes people receive default notices about debts that they have forgotten about, often they are for relatively small amounts of money. If you are in a position to repay the debt, or catch up with the arrears; contact the institution as soon as possible to do so. Follow up any telephone conversations with a letter and ensure you receive written confirmation back from the institution to confirm what has been agreed. This will ensure that all parties are clear on what is happening and there can be no scope for misunderstanding.If you cannot afford to pay what is required; do not ignore the notice. Contact the institution involved. Most will have specialist departments set up to deal with borrowers who are in financial difficulties; they may be able to work out a more affordable payment schedule for you. This may help prevent any legal action being taken against you further down the line.
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