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This figure is a flowchart with labelled boxes linked by lines. The flowchart describes the steps you can take if you have received a default notice from a lender. Each box in the flowchart contains a hyperlink to further information. The action you take will depend on your responses to each step in the flowchart. The flowchart is described as a list of four steps. Where there are possible actions, these are listed beneath that step.
Step 1. You received a default notice from the lender asking you to pay the debt within 30 days [link to Loans and credit cards]. Possible action:
You do nothing [link to Going to court]. Go to step 4.
Step 2. You go through your lender's internal dispute resolution process [link to Resolving your dispute with the bank]. Possible action:
Step 3. You apply to the External Dispute Resolution (EDR) scheme, the Australian Financial Complaints Authority [link to Resolving your dispute with the bank].
Step 4. The lender can start a court case to recover the debt [link to Going to court].