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What happens when you default on a loan?

Default on a loan? So, what happens next?

Nobody wants to default on a loan. But, what happens when you miss a payment on your loan in Ontario?

Disclaimer

The above article is for information purpose only. It has no relations what so ever with the services offered by Prudent Financial Services Inc.

Prudent reports all your Prudent loan payments to credit bureaus. But Prudent cannot “fix”  or “repair” your credit.  The credit bureau reports on the totality of your credit activities. The bureau updates regularly on your payments on credit cards, utilities, taxes  as well as to banks, finance companies, credit unions etc. Prudent does try to educate  its credit-challenged customers on wiser management of their financial affairs using information from responsible financial sources such as Bankruptcy Canada and BDO.

default on a loan

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