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US P2P platforms seem like a great way -- as a borrower -- to convert your non-dischargeable debt (credit cards, student loans) into unsecured debt. So: great
by ipsin 8y ago
US P2P platforms seem like a great way -- as a borrower -- to convert your non-dischargeable debt (credit cards, student loans) into unsecured debt.
So: great for borrowers, terrible for lenders.
- deleted 8y ago[deleted]
- howard941 8y agoCredit card debt is generally dischargeable if it wasn't incurred in the 60 days before filing, wasn't fraudulent, and doesn't fall under other exceptions (such as charging your tuition on your credit card). Unfortunately the nature of the original debt carries through to the benefit of the new lender and the debtor still has to file a motion to determine dischargability with notice to the P2P lender if she wanted to discharge student loans converted in the manner you suggest.