When a borrower falls behind on loan payments it can mean big trouble. If the loan was secured with collateral then the borrower has more to worry about then just credit problems.
Adverse loans will not go away and they often become a large problem. A loan is considered to be an adverse loan at the first missed payment, so letting it go is not an option. The minute the borrower realizes they will miss a payment they need to take action.
The very first thing to do when a loan payment is not going to be paid on time is contact the lender. It is the borrowers responsibility to pay the loan payments when they are due, but many times a lender is willing to work with a borrower.
If the borrower has made a few payments on time, the lender is likely to extend them a grace period. However, if this is a constant problem, the lender is likely to not be so flexible.
Talking with the lender requires professionalism. A borrower should be prepared. They should be able to fully explain why they are unable to make the payment on time. They should also be able to tell the lender when they will be able to make the payment.
It is also wise for the borrower to...
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