legal
 






 

Question by  Etc6021 (23)

How can you stop a default based on hardship?

 
+6

Answer by  Mary (2095)

You can try and negotiate for a partial payment of debt based on your hardship or for a deferment, postponing the debt. There is no creditor obligation to accept.

 
+6

Answer by  patti (29325)

A creditor must write off bad debt when it becomes clear that it is not going to be paid. A loan that is defaulted generally is due in fact to hardship. The reason for default doesn't make much different when in the end, the debt is unpaid.

 
+5

Answer by  belle39 (966)

You can contact your lender and tell him that you lost your job or another financial hardship, and that you're willing to pay the debt.

 
+4

Answer by  John (9008)

Usually, you cannot. Granting any sort of hardship waiver is up to your creditor. It never hurts to ask, but it is strictly their choice.

 
+4

Answer by  Duncan (1124)

You should contact an attorney. Your local state or province bar association should be able to refer you to low-cost or free attorney/legal services based on your income.

 
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