“Letter of Settlement”

21 Search Results

21 Search Results

A Guide to Charge-Offs

A Guide to Charge-Offs

https://www.sofi.com/learn/content/credit-card-charge-off/

A charge-off can occur when you don’t pay your credit card’s minimum monthly payment or your installment debt like an auto loan or personal loan. If a creditor decides that a debt is unlikely to be paid after a certain period of time, they may count it as a loss. Then it becomes what is […]


How Do Collection Agencies Work?

How Do Collection Agencies Work?

https://www.sofi.com/learn/content/how-debt-collection-agencies-work/

It could come as a dreaded envelope in your mailbox, or as a call from an unknown number you’re afraid to take. Whether you’re receiving calls or mail from a debt collector or are going out of your way to avoid either (or both!), you’ll probably want to know: What is a debt collection agency, […]


Defaulting on Student Loans: What You Should Know

Defaulting on Student Loans: What You Should Know

https://www.sofi.com/learn/content/defaulting-student-loans-know/

Defaulting on student loans is something that happens after you miss a series of payments on your loan. The number of loan payments missed before the loan enters default varies between federal and private student loans, but the consequences of defaulting on either type can be severe — including having the loans go to a […]


What Is Loan Modification? What You Should Know

What Is Loan Modification? What You Should Know

https://www.sofi.com/learn/content/loan-modification/

Loan modifications change the terms of your loan with the goal of making the payment more manageable. Unlike refinancing a loan, having a loan modified means the loan remains with the same lender — just under revised terms. Loan modifications can be challenging to obtain and typically decrease your credit score. But for some borrowers, […]


What Is a Short Sale?

What Is a Short Sale?

https://www.sofi.com/learn/content/what-is-a-short-sale/

Those who find that they can no longer make their mortgage payments have options to explore, including a short sale, which is when a home is sold for less than the borrower owes. A short sale is a way to avoid foreclosure. It works much like a traditional home sale, except that the lender must […]


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