Poll
18 million adults issued with a default on debt
Almost two-fifths of UK adults have been issued with a default in the last year.
New research from the Debt Advisory Centre found that 38% of UK adults (18 million) have been issued a default as a result of a late or missed mobile phone, utilities or credit-card payment.
Melanie Taylor, debt expert at the Debt Advisory Centre, said: “Getting a default notice is a wake-up call that your finances are getting out of control.
“Generally, lenders will continue to add interest and charges to what you owe, so if you try to ignore your missed payments the amount you owe will actually grow.
“If you have been sent a default notice it makes sense to seek debt advice before your creditor starts legal action – which usually results in a County Court Judgement.”
Missed or late credit-card payments accounted for 11% of people receiving defaults last year.
A further, 5% received defaults as a result of a personal loan.
Creditors usually issue defaults after three to six missed monthly payments.
Defaults are visible on credit history for six years and can negatively impact further credit applications during that time.
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