At times a Notice of Default may stem from missed payments on a credit card, loan, finance agreement, buy now, pay later credit agreement or even mortgage re-payments. For a default to exist on your personal or business credit report, there must have been an issue.

​

This article is for professionals, business owners and partnerships disputing Notice of Defaults facing challenges and what crucial mistakes to avoid and prevent costly oversights that can be made if your actions are not aligned with the right strategy in mind.  

​

Common mistakes

​

• Ignoring the Notice of Default-failing to reply to correspondence is a significant oversight. Disregarding it can quickly escalate the situation, potentially leading to legal proceedings or a county court judgment (CCJ) which can inflict further harm to your credit report

​

• Relying solely on verbal telephone conversations or unrecorded conversations leaves you without a paper trail, which makes it difficult for you to support your case or escalate a complaint. For example, how often have you forgotten to take the adviser’s name at the end of a call? We’ve all been there.

​

• Incomplete or Unsubstantiated Complaints made without proper documentation are less likely to be successful and could slow down the resolution process

​

• Missed time limits to complain to the Financial or Energy Ombudsman, after receiving a creditor deadlock letter you risk losing important rights and you may end up with the default or even court action without your input.

​

• Assuming the Notice of Default alone will automatically erase the debt by settling it. No, it won’t. I’ll remain on your credit file for 6 years.

​

• Not checking whether the creditor followed the proper procedures such as sending the notice to your correct address or observing the required waiting period before recording a default

​

• Failing to contact the credit reference agencies - If you only inform the creditor incorrect details could remain on your credit report longer than they should

​

So if any of the above relates to you right now and if you’re in a  challenging situation with a disputed Notice of Default,  email us and request a chat to find out what  strategies are available to you and what support we can provide for a  way out removing the default and to reviving your personal or business financial standing.

​

​

​