Default Notices

A Default Notice is a formal letter sent by a lender or creditor when a borrower fails to meet their payment obligations, such as missing a loan or credit card payments. It serves as a reminder and alert that the account is in breach of the agreement and requires immediate action to rectify the situation. The notice informs the borrower of the default and may outline potential consequences, like additional fees or further legal steps if the issue isn't resolved. Essentially, it’s a warning to prompt the borrower to address overdue payments before more serious actions occur.