Search results
Results from the WOW.Com Content Network
Default vs. delinquency. ... Plus, even if you can weather the business loan default, the credit ramifications will mean you’re limited to the few types of bad credit business loans available today.
Default: Debtors have been passed behind the payment deadline on a debt whose payment was due. Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. Insolvency: A legal term meaning debtors are unable to pay their debts.
When you default on a loan, the debt is often sold to a collection agency, which will then try to collect the amount owed. This process can cause a lot of frustration as the collection agency will ...
For premium support please call: 800-290-4726 more ways to reach us
A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt.
For example, a contract may state that the recording of a lien against certain property is a default. If the default is left uncured after notice and the passage of time, it may ripen into an event of default, which creates in the non-defaulting party certain rights, such as acceleration of a debt or the right to exit a contract.
A student loan enters default status after it has been delinquent for at least 270 days. If your account defaults, you may experience effects such as future ineligibility for both federal and ...
Debtors may fail to pay (default) for various reasons: because of a lack of financial planning or overcommitment on their part; due to an unforeseen eventuality such as the loss of a job or health problems; dispute or disagreement over the debt or what is being billed for; or dishonesty on the part of either the creditor or the debtor. The ...