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What does substantial hardship mean?
“Substantial hardship” exists where a consumer cannot meet repayment obligations where the amount available for expenses that are necessary for living and taking part in society is insufficient.
What are examples of substantial hardship?
This is, for example, a consumer having to sell their principal place of residence to comply with their financial obligations under a credit contract.
What is considered substantial financial hardship?
Substantial financial hardship means an inability to meet the basic living expenses of one’s self or one’s dependents.
What security can I provide for loans?
Types of Collateral
- Real estate. The most common type of collateral used by borrowers is real estate.
- Cash secured loan. Cash is another common type of collateral because it works very simply.
- Inventory financing.
- Invoice collateral.
- Blanket liens.
- Unsecured loans.
- Online loans.
- Using a co-maker or co-signer.
Is there a maximum age to enter into a credit contract?
There is no maximum age limit set for getting a home loan – in fact, people aged well into their 60s and even older may be approved for a home loan. But when you apply for a mortgage, your lender will assess many criteria, and age can be one of them.
Can I get a 30 year mortgage at age 53?
The reason you’re never too old to get a mortgage is that it’s illegal for lenders to discriminate on the basis of age. That’s because no matter how old or young you are, you still have to be able to prove to your lender that you have the financial means to make your mortgage payments.
Can I transfer my secured loan to another property?
Yes, you will usually need to pay off your secured loan before you move house, however there are some lenders who may allow the loan to be transferred subject to the equity in the new property and affordability. Transferring debt to your new property. Take out an unsecured loan to pay off your existing secured loan.
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