Commerce Scenario 3

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  • The first thing to do, if you believe that you will find it difficult to pay off your car loan, is to pay off what you can, but immediately visit and contact your loan provider.
  • If the bank, has no options or solutions, then Tyson may have to find a guarantor to pay for his loans for him.
  • Am I able to apply for the Hardship Variation thing? Yes, you are able to apply for Hardship Variation. Hardship Variation is a contract that you are able to sign, if you are struggling to pay off a loan due to illness or in cases of unemployment. A hardship variation, changes the terms of the loan.
  • After Tyson's loan has been paid off, he may have the option of applying for an unsecured loan, where it is his credit worthiness that determines the terms and conditions. The lender determines the worth of the loan based on the 5 C's - CHARACTER, CAPACITY, CAPITAL, COLLATERAL, and CONDITIONS
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