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Lease – That is a lawful agreement which lets a consumer to make use of some asset just like a auto for payment. The asset must be returned after the lease term finishes.
Foreclosure – This is a authorized course of action where collateral that has been pledged for the loan may be marketed so that you can repay the loan if the borrower defaults.
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If you think that you won’t be able to repay your credit card debt, please, advise your lender about your scenario straight away so that you the two can focus on and fix this problem.
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Repossess – The voluntary or compelled surrender of things in the case of the client’s failure to pay again a loan.
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