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2.18 (Brief Description of the process (Unmanageable Debt - It is the…
2.18
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Definition
Unmanageable Debt - Meaning having more debt payments than you can keep up with a monthly basis, so much so that you can’t manage all of them.
Repossession - Repossession refers to the action of retaking possession of something, in particular when a buyer defaults on payments.
Letter of Demand/Default Notice - Meaning a formal notice demanding that the person to whom the letter is addressed perform an alleged legal obligation.
Foreclosure/Mortgage Sale - Taking possession of a mortgaged property, occurs when a mortgage fails to keep up their mortgage payments.
Harassment From Debt Collectors - The Fair Debt Collection Practices Act or FDCPA for short says debt collectors can't harass, oppress, or abuse you or anyone else they contact.
Social/Personal Issues - A personal problem is one involving the person, whereas a social problem is one involving society
Inability to Get Credit - Meaning a person who has bad credit will find it difficult to get approved for a new loan, or at least will be offered credit only at a very high rate of interest.
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