Defaults

On your mortgage or loan repayments, missed payments are a bigger problem than late payments because they constitute breaking your credit agreement. If you miss payments, the lender will contact you to discover what is wrong and when you intend to put the account in order. Failure to put the account in order in a timely fashion may cause the lender to terminate the credit agreement and declare the account in default. This can happen with any kind of personal finance including credit cards and mortgages.

If the lender notifies you of a default, it is important to take it seriously. If your credit agreement is regulated by the Consumer Credit Act of 1974, the lender must issue a default notice before legal action can proceed. The details of the defaulted account including the date of the default and the amount you owed when the agreement was ended will be listed on your credit file for 6 years. If you have paid off the balance since the default was declared, it will be marked as satisfied on the credit file but the amount of the default will stay on your credit history for 6 years.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. All loans are subject to status. Written quotations are available directly from the lender on request to the lender. A broker fee might be due on transactions completed through this site.