How can you stop a default based on hardship?

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.

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.

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.

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.

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.