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Garnisheed- A certain amount of money can be taken out of the borrower's wages.
Repossession- To take back goods bought on credit if repayments have not been made.
Bankrupt- When a business, or person, is unable to pay her or his debts.
Ceditor- A person who is owed money.
Debtor- A person who owes money.
Default Notice- A document from a lender stating that a person has failed to carry out the terms of the contract.
Financial Consequences- It is sometimes necessary when taking out a loan to mortgage the goods being purchased because the lender wants some security. This can lead to bankruptcy and repossession.
Legal Consequences- The person who owes the money is called a debtor or borrower and the creditor is the person who is owed the money. As a debtor, you have certain liabilities or obligations to the creditor. These obligations must be fullfilled. Failure to do so will result in the creditor taking legal action against you to recover the moeny owed.
Social Consequences- The financial pressure created by being overcommited may have a number of social consequences. The pressure ofk debt may cause, stress at home or work. This can affect their wellbeing, pressures of debt are seen to also have an emotional illness, domestoc violence and physical affect.
- Overdoing it; borrowing more than you can afford to repay.
- If you don't make your payments on time, you'll damage your credit record.
- Losing money on late fees.
- Having to pay additional interest.
- Difficulty getting loans or credit in the future.
1. Resolve your personal loan debt into one regular repayment.
2. Lower your monthly repayment to an amount you can afford to pay.
3. Reduce your interest rate so you pay the least amount of interest possible.
4. Eliminate your personal loan debt and take financial control.
1. be realistic and suit your needs
2. be honest, fair and reasonable
3. take into account your long-term goals and present financial position