Glossary

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Default
Lenders require that borrowers make payments on time each month or as agreed upon when the money was loaned. People who do not make their payments on time or who abandon their financial obligation are said to be in default on their account. Being in default on an obligation is a serious financial circumstance that could have legal ramifications. People who are not able or willing to make payments on a loan often have their wages garnished and their assets seized as a way of making repercussion for the amount of money they owe. In the most serious of circumstances, people could face fines or imprisonment for not making regular payments. If people fear that they will default on a loan, they are advised to contact their lender and see if it is possible to work out a new payment agreement. They may also ask for a forbearance of payments.