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Slayer,
This is a typical collection agency form letter intended to stampede recipients into paying bills. The letter itself has no real legal significance, nor does your "notice of default".
Depending on the amount of your debt and the likelihood of prying the money loose from you (based primarily on what they know of your credit rating and property), they may eventually bother to sue. Otherwise they will write off your debt as a business loss -- and probably file a form 1099 with the IRS saying that your debt of some many dollars is being foregone, so that the IRS treats that amount as if you had received it as taxable income and as a deduction to the credit card companies business revenues.
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