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Loans are contracts, and as such, the government does not get involved (unless you want them to).
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∙ 12y ago
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What is definition fix terms?
To establish terms of an agreement like a loan or mortgage.
What happens if you make a verbal agreement on a personal loan about terms for payback?
It's your word against the other,and what happens you'll probably never receive payment.
What legal recourses do you have if your car was reposessed while your account was current?
Did you violate other terms of your loan agreement??Insurance coverage?? Read your loan agreement carefully if you have fufilled all the terms then you should sue forbreach of contract.
When is an auto loan considered to be in default?
At the time any terms of the loan agreement are not met, (late or missed payment, lapse in insurance, etc.).
Sample Loan Agreement?
Any time a loan is paid, the borrower and lender should sign a loan agreement. The loan agreement, which is also commonly referred to as a promissory note, makes the agreement between the parties and the exchange of funds official. By having a loan agreement, there may be legal recourse in the event the borrower does not repay the loan as agreed in the contract. Even when money is being loan to a family member or longtime friend, the loan agreement is important to validate the exchange of monies. Having a sample loan agreement will serve to protect the borrower as well as outline the terms of the contract. The agreement should also include the amount borrowed as well as the interest rate that is being charged on the loan. Having the contract written and signed by all parties prevents the borrower or the lender from changing the terms of the original agreement. To be included in the sample loan agreement is a simple statement that a loan is being made. Although this seems elementary it is important this is included so there is a distinction made between money being borrowed and monies being given with no repayment obligation. The understanding with the agreement is that under the terms of the agreement the funds are to be lent for specific period of time. Included in the sample loan agreement should be the date the monies are being exchanged. Although less important, but still to be included in a loan agreement is the city and state where the loan is being made and disbursed. Whether a loan is being made for business or personal financing, all parties should be named in the agreement. In the case of an individual, the individual's full name should be included in the agreement. If there is a co-borrower on the loan, his or her name should be included as well. In the case of a business, either the guarantor or corporation name should be listed on the contract. It is key to understand the business designation and structure of the business; a sole proprietor will need to be named while the owners of a corporation may not be named because of certain limited liability provisions. Within the loan agreement there should be language to include how and when the funds borrowed will be repaid. If there is any distinction that needs to be made about how the loan should be repaid, such as by check, credit or money order this should be outlined. The date the funds will be repaid should also be clearly stated and agreed to by all parties involved. The key to the loan agreement is to protect the interests of all parties involved and by clearly stating the terms of the loan and obtaining signatures, the chances of default and misunderstanding will be minimized.
What can you do about a car loan if the car no longer runs?
The purchaser signed the agreement and took on the obligation to pay the debt, not the car. The purchaser is responsible for the terms of the agreement.
Can your car be repossessed if you have paid 75 percent of the loan?
Yes, if you don't comply with the terms of the lending agreement.
Can you refinance home equity loan without touching the first loan?
That's what a refinance is changing the terms. However, if you have equity, can get a 2d as alternative.
What are the terms of borrowing against a fixed annuity?
You will need to ask your annuity provider what their terms are to get a loan against the annuity. There may also be some penalties.
How long does a company have to wait to repossess a vehicle?
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
What do you think about loan modifications?
Loan modifications allow the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. Loan Modifications are changes to your loan agreement. Your payments get more affordable, and you don't have to default on your loan. Banks choose to offer loan modification programs because it is easier and cheaper to work with you than to go after you.
What if a payment was never made on a car and now want to give it back voluntarily?
If you signed a loan agreement then giving the car back won't help you.You are bound by the terms of the loan.Read the agreement what happens next will be determined by what that loan says.
