Option 10. REPAYMENT PLAN
Definition: You coordinate with lender to agree upon a monthly payment and the payment and interest on past due amounts. So, providing you keep up the appropriate payments, at the end of the term you will have repaid the loan in full. Terms are set up in the same way as most types of loans with % rate and time frame to pay off.
If you have incurred a short term financial hardship and your loan is two or more months past due, you might consider submitting a request for a repayment plan to your lender … Read the rest