LOAN DELINQUENCY.docx - LOAN DELINQUENCY INTRODUCTION The...

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LOAN DELINQUENCY INTRODUCTION: The term " delinquent " commonly refers to a situation where a borrower is late or overdue on a payment, such as income taxes, a mortgage, an automobile loan or a credit card account. There are consequences for being delinquent , depending on the type, duration and cause of the delinquency . DEFINITION: I f a payment is late or is not made, you will become delinquent. After an extended period of delinquency, your loan will go into default. Common reasons for loan default: In the rare instance that a loan is defaulted on, a range of factors can be at play: Environmental : Natural disasters, adverse weather and drought can disrupt a small business in the short and long term, particularly if it involves growing or selling food. Other Social – religious festivals, political elections and social unrest can disrupt normal business operations and cause incomes to fluctuate. Major events in a person’s life, like the birth of a child or the death of a family member can also affect their ability to operate their business.
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5 Strategies for Handling Student Loan Delinquency: 1: Know your loan standings : The first step is to get your ducks in a row. It's important to understand what kind of loans you have, how much you owe, who holds them and if you are already delinquent on those loans – and if so, how delinquent you are.
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  • Spring '18
  • waqar
  • Debt, Student Loan, federal student loan, Student Loan Ranger

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