How to avoid a loan default, according to leading financial brokers

Experts explain all options available to borrowers struggling to repay a loan

Melbourne, Australia, Aug 22, 2021 /PRNewswire/ β€” Bills, debts and loan repayments can sometimes come at inopportune times, making it difficult for borrowers to make their payments. Snap lockdowns and ongoing Covid-19 restrictions may have added to this stress for some borrowers.
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Missing repayments result in loan default, which negatively affects credit score – failing to pay on their loan more than once could lead to repossession or legal action. Whether it’s a car loan or equipment financing, industry experts weigh in on their best advice.

Industry experts assure customers that lenders understand when borrowers’ financial circumstances change. Usually they want to help clients who are in financial difficulties. Contacting the lender and letting them know about the situation should be the first priority. Lenders will not only provide financial advice, but they will also have a dedicated team that can help clients through times of hardship.

Positive Lending Solutions reminds borrowers that refinancing is always an option for individuals struggling to pay off their current loan. This means borrowers will find a new loan that better suits their needs. Start by informing new lenders about what they can offer. Lenders are sometimes willing to match the rates or terms of another bank or credit group – oftentimes, lenders simply want to keep their customers, even if that means making adjustments.

Selling or trading in the car or selling the house may be a valid option for some borrowers. Positive Lending Solutions cautions borrowers considering this option to ensure they factor in any fees their lender may charge them and that they have considered all other viable options. This option would allow borrowers to recover financially and stabilize their budget before potentially considering a new loan or alternative option.

Whatever the circumstances, there are a range of options to help borrowers through times of hardship. For more information on refinancing or hardship assistance, or to get the lowest interest rates or the best car loan Australia-wide, contact Positive Lending Solutions today.

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