Are you struggling to make payments on your outstanding debts? Are you afraid of being blacklisted by credit agencies? If so, you may want to consider declaring yourself a wilful defaulter. In this blog post, we will discuss what it means to be a wilful defaulter and how to declare yourself one. We will also provide tips for dealing with debt collectors and credit agencies. Thanks for reading!
What is willful default and how it can impact you?
Willful default is when an individual or company doesn’t repay a debt despite having the ability to do so. This can have serious consequences, such as:
- Your name being published on a list of wilful defaulters, which can make it difficult to get credit in the future.
- Your bank accounts being frozen.
- Your assets being seized.
Why would someone declare themselves a wilful defaulter?
There are a few reasons why someone might choose to declare themselves a wilful defaulter:
- They’re struggling to make payments and want to negotiate a payment plan with their creditor.
- They want to send a message that they’re not going to tolerate being harassed by debt collectors.
- They want to protect their assets from seizure.
How do you declare yourself a wilful defaulter?
In order to declare yourself a wilful defaulter, you will need to send a notice to your creditors informing them of your decision. This notice should include:
- Your name and contact information.
- The name of the creditor you’re declaring yourself a wilful defaulter to.
- The date of the notice.
- A statement that you’re declaring yourself a wilful defaulter.
What happens after you declare yourself a wilful defaulter?
Once you’ve declared yourself a wilful defaulter, your creditors will be unable to take legal action against you. However, they may still attempt to contact you in order to collect the debt. If this happens, you can:
- Politely request that they stop contacting you.
- Threaten to file a complaint with the Consumer Financial Protection Bureau if they continue to harass you.
Alternatives to declaring yourself a wilful defaulter
If you’re struggling to make payments on your debts, there are a few alternatives to declaring yourself a wilful defaulter:
- You can also file for bankruptcy
Bankruptcy is a legal process that allows you to eliminate or repay your debts under the protection of the bankruptcy court. This option should only be considered as a last resort, as it can have a negative impact on your credit score and make it difficult to get credit in the future.
- You can consider debt consolidation
Debt consolidation is a process whereby you take out a new loan to repay your outstanding debts. This can be a good option if you’re struggling to make payments, as it can help you get a lower interest rate and simplify your debt repayments.
- You can try negotiating a payment plan with your creditor
Loan settlement means renegotiation of the terms of the loan agreement between the borrower and lender so that both parties can benefit. This process can help reduce your monthly payments, lower your interest rates, or even get rid of some of your debt altogether.
In case you need any help, contact a professional loan settlement company.
If you’re considering declaring yourself a wilful defaulter or filing for bankruptcy, we recommend that you speak to a professional first.
Loansettlement.com is one such professional loan settlement company that can help you negotiate a settlement with your creditors and get out of debt.
They have legal and financial experts who will work on your behalf to get you the best possible settlement deal.
They can help you understand your options and make sure that you’re making the best decision for your unique situation.
Their team will also help you understand the process and guide you through every step of the way.
If you’re struggling with debt, don’t hesitate to reach out for help. There are a number of options available to you, and declaring yourself a wilful defaulter should only be considered as a last resort. Thanks for reading!
To learn more about the services offered by Loansettlement.com, register today at https://loansettlement.com/