What is a defaulted loan? A defaulted loan occurs when the schedule of repayments for that loan have not been kept. The schedule of repayment can be weekly or monthly. Most loans are made on a monthly basis. A defaulted loan can have serious consequences on your credit report and credit history.
If you receive a defaulted loan notice, do not ignore it. Do so may have you end up in court or possibly even a wage garnishment. It is in your best interest to contact the creditor that you have a default with and try to work out payment arrangements. You may also want to seek out debt counseling or debt negotiation as an option to get the debt settled.
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