Default
What does the word "default" mean and what does it trigger? In sports when a team wins by default it means the other team did not play or finish the game. Defaulting on a loan is similar in that regard as there was no repayment or completion of repayment. Default can trigger a ripple effect of things that can become increasingly difficult to resolve if not handled quickly.
Collections
What is collections? Collections is a direct byproduct or result of nonpayment or default. There are number of layers of collections with debilitating consequences associated with them as well. Long lasting effects of collections can go on for years with a strangulating hold. It is noteworthy to mention that collection matters are viewable by others who will make future decisions using this information.
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