Implications of Default
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Payment Default Implications
Late payments and defaulting / we don't approve loans at WeFindLenders.com so we don't deal with debtors who stop making payments for some reason. If you default on your loan payments with a lender they will charge you additional fees and penalties. Each lender has different policies and procedures they adhere to so you need to read their documentation closely so you understand what your responsibilities are going forward.
When you sign a legally binding agreement with a lender you must adhere to the guidelines within it and be sure to make your loan payments on time and in full. If you find yourself struggling to make payments on time you should alert them and work with them and come to an agreement for timely repayment. This may mean renegotiating with them so you pay less each month.
You may have to enter into a debt settlement agreement with the lender, and if you do that we encourage you to first try negotiating directly. If that doesn't work you may consider using a third-party debt settlement or debt relief service.
Don't just stick your head in the sand and and hope the loan will go away. The longer you are late on payments, the more your credit score gets damaged and the more penalty fees and interest you will be adding to your debt.
If you are really in a bad financial position and can't make your payments, you will start getting calls and emails from collection agencies. To learn more about collections agencies and their practices go here.
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