Question
What is delinquent debt?
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19th Dec 2009 by Burt Carlson
When you borrower money you create an obligation to repay the lender. The terms and onditions of the borrowering or loan agreement define the details of the obligation including what the consequences are for non compliance with the agreement. So if you violate the agreement your loan is delinquent. The most common form of delinquency is non payment. In the event of delinquency the lender has certain remedies and/or recourse against the borrower. If the borrower becomes delinquent any collatertal (like a house or car) may be at risk of repossession and subsequent re sale. In an unsecured loan there is no collateral so the lender has fewer options in the event of delinquency. This is one reason unsecured loans (credit cards for example) have higher rates than home and auto loans.
When you borrower money you create an obligation to repay the lender. The terms and onditions of the borrowering or loan agreement define the details of the obligation including what the consequences are for non compliance with the agreement. So if you violate the agreement your loan is delinquent. The most common form of delinquency is non payment. In the event of delinquency the lender has certain remedies and/or recourse against the borrower. If the borrower becomes delinquent any collatertal (like a house or car) may be at risk of repossession and subsequent re sale. In an unsecured loan there is no collateral so the lender has fewer options in the event of delinquency. This is one reason unsecured loans (credit cards for example) have higher rates than home and auto loans.
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1st Nov 2009 by Elizabeth
A delinquent debt is any debt that has not been payed by the due date. According to the U.S. Department of the Treasury, The 180-day period that a consumer has to pay a debt before it goes to collections begins on the date of delinquency, or the payment due date.
A delinquent debt is any debt that has not been payed by the due date. According to the U.S. Department of the Treasury, The 180-day period that a consumer has to pay a debt before it goes to collections begins on the date of delinquency, or the payment due date.
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30th Oct 2009 In Finance
2 Answers | 711 Views
Subjects: debt,
delinquent debt,