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What does it mean to have an outstanding loan and be in default?
Wiki User
∙ 9y ago
To have an outstanding loan and be in default means that you have forfeited to make the required repayment instalments on the principal loan. You still owe the loan amount and the relevant interest levels.
Wiki User
∙ 9y ago
Wiki User
∙ 14y agoIn the US, if you don't pay your student loans for 270 days, they become default. When they become default, the collection agency will start to garnish your wages and the government will keep all future tax return refunds.
You should consolidate your student loans and prevent the wage garnishment. You can get an income-based repayment plan and pay as little as $0 a month, defending on your income and dependants.
If you want help with the consolidation of your student loans, click on the link below.
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Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
What does default mean in financial terms?
It means that the borrower did not pay as promised. It means you are in default on the loan.
What is loan default?
If you don't pay a loan when due, you default on the loan.
What does it mean when you fail to pay a loan or mortgage when it is due?
default
What does default mean in personal finance?
Failure to repay a loan
Define outstanding loan?
Difference between loan disbursed and loan outstanding; the unpaid remainder that you still owe.
If you are gifted a car in a will that is not paid for how long does the estate legally have to give you to pay off lien?
If you inherit a car that is subject to an outstanding car loan you need to keep up the payments with the LENDER according to the terms of the original loan. If you default on the loan payments the loan company can repossess the car.
What are paydowns?
Periodic payments against an outstanding loan balance that do not pay off the entire outstanding loan balance.
What is a Notice of Rescission of Declaration of Default and Demand for Sale and Notice of Default?
A Notice of Rescission of Declaration of Default is a mortgage loan that was once in default, and a notice of default would mean that the loans are still currently foreclosed in a way.
What does it mean when a debt or a loan is personally secured?
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
What is an outstanding loan?
Simply put it is a loan that has yet to be repaid.
