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What does it mean to Default on a Loan?
When you take out a loan, you agree to pay the debt based on the loan contract provided by the bank or loan provider. Once you stop paying the scheduled loan repayments over a certain period, the bank or loan provider will forward your account to a collection agency. The job of the debt collection agency is to reach out to the borrower in order to recoup the money you owe. You will experience severe mental stress as soon as debt collectors start calling you at home and at work. You will receive plenty of letters to remind you about your defaulted loan. Unfortunately, some debt collectors resort to unscrupulous activities, threats and blackmail just to get a response from you.
When you default on a loan, your credit score is negatively impacted which can decrease your ability and eligibility to get a loan with good rates in the future. A defaulted loan will reflect on your credit history which can be seen by banks and lenders when you apply for a loan. Worse, the lender may take legal action against you and seize your property. Having a defaulted loan might affect other aspects of your life: your personal and professional relationships, your ability to get a job, and even legal complications in claiming insurance money.
It is important to let your lenders know your intent to pay for your defaulted loan. If you are starting to have difficulty in keeping up with repayments, it is best to reach out to your lenders so that a restructuring program can be worked out for you.
Once you have everything completed, we send you the payment directly to your checking account. It would only take a couple of minutes for it to reflect on your account. You may use it for online or offline purchases.