The Specialist Support Team took the decision to default your account, this means The Very Group will no longer be pursuing payments towards the outstanding debt.
A default will be registered on your credit file for a period of six years without the account being passed on to external debt collectors. After this time, the default will no longer report on your credit file.
You were sent a Section 87 Default Notice on the 2nd February 2024; this is a standard legal letter that has to be sent by any business to their customers who are receiving a default against their balance.
You will no longer receive calls or correspondence from our team, except an annual statement to reflect the balance at that time.
A further letter will be sent in due course called a Termination Notice, this means The Very Group will clear the remaining outstanding balance on your account and update your credit file to show as partially settled.
We request no further payments to be made towards your account.
original posted by Sunshinemallow to r/personalfinance on Thu, 29 Feb 2024 09:46:42 GMT.