Withdrawal of Credit on Past Due Account 1 is a financial term used to describe when a lender removes the ability for a borrower to use a line of credit if their account is past due. This type of withdrawal of credit is often used as a way to encourage repayment of outstanding debt. There are two types of withdrawal of credit on past due accounts: soft and hard. With a soft withdrawal, the lender will still allow the borrower to continue to use the line of credit, but at a higher interest rate or with additional fees. With a hard withdrawal, the borrower is no longer authorized to use the line of credit and must pay off the balance in full in order to regain access.
Withdrawal of Credit on Past Due Account 1
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Multi-State
Control #:
US-0479SB
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Word;
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Description
Withdrawal of credit on past due account 1
Withdrawal of Credit on Past Due Account 1 is a financial term used to describe when a lender removes the ability for a borrower to use a line of credit if their account is past due. This type of withdrawal of credit is often used as a way to encourage repayment of outstanding debt. There are two types of withdrawal of credit on past due accounts: soft and hard. With a soft withdrawal, the lender will still allow the borrower to continue to use the line of credit, but at a higher interest rate or with additional fees. With a hard withdrawal, the borrower is no longer authorized to use the line of credit and must pay off the balance in full in order to regain access.
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