It's a debt notification letter or a lawyer's letter. To tell the truth is not to suggest that you continue to breach the contract, but some of them are true. For example, credit information will be affected, and it is not excluded to be sued by financial institutions. I don't know how long you are overdue and how much you owe, so I can't help you analyze it in detail, because financial institutions will have different ways to deal with different amounts of arrears and overdue days.