“When you enter into a credit agreement, the consequences of not making regular payments are explained to you.”
A section 129 notice gives you a last chance to make payment arrangements. Picture: 123RF/ANDRIY POPOV
It’s a notice of “impending” legal action, which means that legal action will be taken against you if you don’t act on the notice. The purpose of the letter is to draw to your attention to the fact that you are in default and to offer you specific remedies.Engage a debt counsellor; or Or your creditor may apply to the courts for a default judgment against you, which will be noted on your credit report for five years and have a negative impact on your chances of obtaining more credit, or getting credit at a good rate.
A section 129 notice must also be dated and refer to the agreement which you are in default of and the default amount. Consumers who don’t show good faith have little to no chance of getting bad debts included in debt review.
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