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Secured loan – That is a loan exactly where the borrower will pledge his asset just like a automobile or residence which is able to be offered if He's not able to pay out again the loan.
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Repossess – The voluntary or forced surrender of things in the situation of the purchaser’s failure to pay for again a loan.
Cost off – This is the credit card credit card debt or loan that is published off as becoming uncollectible from a borrower. This from time to time is the situation once the loan has actually been sold or click here specified the credit card debt to some collection company. This debt continues to be collectable.