Default notices and missing payments can be bad as there is a chance your credit rating will be negatively impacted.
However, provided you act quickly and deal with the default notice properly, the situation doesn’t have to escalate.
If you choose to ignore the notice of default, then your creditor may make you repay the entire outstanding debt, the default may go on your file for six years, and a County Court Judgment may even be taken out against you.
If you owe over £5,000, your creditor may even be able to force you into bankruptcy.
Always make sure you seek out professional debt help, as soon as you receive a default notice.