Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is a Default?

April 26, 2017Default

0

10 Posted

What is a Default?

7 Answers

0

Posted

A Default is a formal demand for payment of some form of arrangement (hire purchase, lease) that you have missed three payments of. You cannot pay or satisfy a Default, it will just be added to your credit record. A Default is regarded as serious information by lenders.

0

Posted

A default occurs when you are unable or unwilling to make the required monthly payments on your student loan account. If you are having difficulty making monthly payments on your loan, talk to your Student Case Officer. There may be options available to assist you.

0

Posted

A default records the fact that a Respondent/Defendant did not answer within the prescribed period of time.

0

Posted

Repeated prolonged delays and dishonoured cheques are deemed to be defaults in repaying your loan. Most financiers would expect you to turn in the asset on request, failing which they may seize your car, after serving you proper notice.

0

10 Posted

Frequent prolonged delays and dishonored cheque are deemed to be defaults in repaying your loan. Most banks would expect you to turn in the asset on request, failing which they may seize your car, after serving you proper notice.