What happens if I default on my loan?
An example of an AI chatbot conversation about defaulting on loans and its consequences.
What happens if I default on my loan?
Defaulting on a loan means you failed to meet the repayment terms. This can lead to serious consequences.
What are the consequences of defaulting?
Consequences include damage to your credit score, potential legal action, and loss of collateral if it's a secured loan.
Can I recover from a default?
Yes, recovery is possible. You can negotiate with lenders, seek credit counseling, or consider debt consolidation.
How long does a default stay on my credit report?
A default can remain on your credit report for up to seven years, affecting your ability to secure new credit.
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