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What Happens When You Become A Debt Defaulter?
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[QUOTE="Abigael, post: 210077, member: 25357"] Defaulters are really hard people or organizations to deal with. They are are a big headache to the loan lending people, institutions or organizations. That is why those who give out loans secure themselves for sure. Failure to which they will have to just let go of the money that they lend to the defaulters. As for the defaulters, they get to face several issues that include; 1. Having trouble with the law due to their defaulting. 2. Loosing persons relationship with the person or organisation who lend them. 3. Having a bad credit history that hinders them from getting benefits and opportunities that come with a clean credit history. 4. Having mental health issues such as anxiety due to the stress of having unpaid debts, which can even hinder their physical health. It is therefore for your own good to avoid being a defaulter. And if you are the one lending out loans, you should take up precaution measures. That includes; 1. Having a contract signed with your borrower so as to get legal help incase they default. 2. Taking an insurance policy that covers you incase your borrower defaults. 3. Always checking the credit history of your borrowers so that you don't lend money to a serial defaulter. so [/QUOTE]
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What Happens When You Become A Debt Defaulter?
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