Notice of Default

There is no need to worry as this is not a legal notice; it is simply a notice from your creditor to remind you that you are not up-to-date with your payments.

Having said that, a notice of default should not be ignored. Some creditors will use a notice of default to illustrate the first step in legal proceeding, and this type of notice is the first stage in a foreclosure.

If you can not afford to start paying off your arrears or have other mounting debts, you need to act. Talk to your creditor, as keeping them in the dark will only worsen the situation.