What is a Default Notice?
A Default Notice (also known as an S88 Notice) is a formal letter from Latitude informing you that you’ve missed your minimum monthly payment (MMP) and need to take action.
The Default Notice will include:
- The default amount
- Steps you need to take and the timeframe to remedy the default notice
- What happens if the default notice isn’t remedied
- Any other details prescribed by the regulations - for more information check out National Credit Code
Why is there a default listing on my credit file?
It’s important to note that a Default Notice is different from a default listing. A default listing appears on your credit file when you haven’t met your contractual obligations between yourself and your credit provider.
Latitude will advise a Credit Reporting Body (CRB) of a default if:
- The amount owed is $150 or more
- Your account remains 60 days or more in arrears, and
- We have asked you to pay the debt in writing
Once listed, a default stays on your credit report for five years.
If you pay your outstanding debt, Latitude will update the default listing to show it has been paid. However, this won’t remove the default from your credit file automatically. A default listing may affect your ability to apply for credit with Latitude and other financial institutions, so it’s important to keep your payments up to date.
If you're facing financial difficulty, we’re here to help. Visit our Hardship Care page to see what support options are available.
Think there’s been a mistake?
If you believe a default has been incorrectly listed on your credit file - such as if you haven’t missed payments for more than 60 days - please contact us as soon as possible.