Loan after defaulting due to disability

Arleen

You got a disability and you say that is the reason you didn't manage to pay it in time. Fair enough, but tell me - what did you do over the period to mitigate the damage it would do to your credit file?

For it to get defaulted usually means that you made no payments at all towards it, and most likely didn't contact the lender to try to sort this situation somehow. As I am certain that if you have reached out to them promptly and explained the situation, then you could reach a better solution than getting a default, by for example making token payments until you can get back on your feet.

Heck, there are debt help charities who could also help in that regard. Did you contact them, see if they can help to put on some damage control? Because that is what it's all about - you didn't pay the money or arranged an alternate payment plan with someone who lent you money, and this is adequately represented in your credit file now. If you consider this to be unfair, you can put a notice of correction in your file, but it's most likely going to do more harm than good.

leespot

You could always loan yourself the money from the successful business and repay that instead of the bank?