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Sudden Financial Hardship and Can’t Repay Your Loan — What Can You Do? Don’t Panic, Many Things Can Be “Negotiated”!

February 17, 2022 · Mingqiang

Sudden Financial Hardship and Can’t Repay Your Loan — What Can You Do? Don’t Panic, Many Things Can Be “Negotiated”!

If financial hardship threatens your repayments, discuss a loan variation with the lender before missing payments, or consider short-term forbearance or refinancing. A variation requires both parties’ agreement; forbearance generally addresses temporary hardship. Even if arrears are eventually repaid, default may affect your credit for a long time.

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