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If you happen to miss payments to a lender, or if you don’t pay the correct amount your creditor will eventually default your account in all likely-hood. Obviously the consequences of this can be quite serious, just one example being that you will get a worse credit score on your credit report so any future loans or credit will be harder to get and at a higher rate too.
![Missed Payments](http://www.shared-ownership-mortgages.com/Wordpress/wp-content/uploads/2017/12/download-1-1-300x127.jpg)
If you miss payments enough you will receive a default notice from your creditor eventually, this will be a notice that you have 2 weeks to pay the debt you have built up or you will default completely. This default would of course be shown on any future credit reports.
![Debt and Missed Payments](http://www.shared-ownership-mortgages.com/Wordpress/wp-content/uploads/2017/12/download-2-300x120.jpg)
Once you have defaulted your creditor may take one of these few steps:
- Taking you to court for a County Court Judgement on the debt.
- Passing the debt onto a debt collection agency.
- Apply to court to seize the car or other goods if the debt was for a hire purchase.
We would recommend seeking advice if it gets to this stage, you can often receive it free online.
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