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Homepage › Private Community Forums › Discharging Liabilities (Debt) › Credit Card Default

  • Discharging Liabilities (Debt)

    Credit Card Default

    Posted by Renae on April 10, 2024 at 1:23 pm

    What is the process with the bank when you default on your credit card? They have sent a Notice of Default and now a Demand Notice threatening legal proceedings. I read that by the time your debt reaches their Collections department, the bank has already claimed on their insurance policy and are now waiting to on-sell the debt to a debt collector. So does this mean that their latest Demand Notice is a bluff and legal proceedings won’t ensue because they no longer have any claim to the debt because they have claimed it on their insurance policy? I have done the A4V process and followed up with Request for F&B Particulars, Notice of Fault and now Notice of Default. Just wanting to be prepared for what might be coming next – court proceedings or the debt collector.

    morag-janet-of-the-hill-family replied 1 year, 2 months ago 2 Members · 1 Reply
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