A section 129 notice is the first step in the legal process for credit providers. As per the terms of the National Credit Act credit providers are required to first give notice to debtors that they are in arrears and that they intend to take legal action as a result. A section 129 should also clearly identify which agreements are in default and the amounts owing.
The section 129 is a prerequisite to the next step in the legal process which is a summons, this may lead to action that will cause the court to attach your assets such as your car or home.
A section 129 notice should not be taken lightly, you have a limited period of time in which to respond, contact an attorney or debt counsellor for more info.