default notice

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A notice that must be served on a contract breaker before taking action in consequence of his breach. Under the Consumer Credit Act 1974 a default notice must be served on a debtor or hirer in breach of a regulated agreement before the creditor or owner is entitled to terminate the agreement; to demand earlier payment of any sum; to recover possession of any goods or land; to treat any right conferred on the debtor or hirer by the agreement as terminated, restricted, or deferred; or to enforce any security. The notice must specify the nature of the breach, what action (if any) is required to remedy it, and the date before which that action is to be taken. If the breach is not capable of remedy, the notice must specify the sum (if any) required in compensation and the date before which it is to be paid.

Subjects: Law.

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