united-states debt colorado loan
What is a &quot;Notice of Right to Cure Default&quot;?
<p>I am in the United States of America, specifically Colorado.</p>
<p>I have an auto-loan.</p>
<p>I made a living by delivering Chinese food, pizzas and burritos for a company.</p>
<p>I crashed my car and I cannot deliver food anymore as the company does not supply company-owned vehicles.</p>
<p>I stopped making loan payments and I understand that something unpleasant will happen to me, but I do not know what a &quot;Notice of Right to Cure Default&quot; is.</p>
<p>What is a &quot;Notice of Right to Cure Default&quot;?</p>

<p>The <em>Notice of Right to Cure Default</em> under <a href="https://law.justia.com/codes/colorado/2016/title-5/consumer-credit-code/article-5/part-1/section-5-5-110" rel="nofollow noreferrer">CO Rev Stat § 5-5-110 (2016)</a> is explained in plain English <a href="https://www.winkandwink.com/colorado-repossession-law-possess-the-facts/" rel="nofollow noreferrer">here</a></p>
<blockquote>
<p>In Colorado, the lender must wait until the debtor is in default for
at least 10 days before the lender can send a “right to cure” the
default. <strong>A “right to cure” simply informs you of your opportunity to
make up the missed payments and stop the repossession process in its
tracks.</strong> However, if you have already been in default during the prior
12 months and the lender has already sent one “right to cure” notice,
then the notice does not have to be sent again. You have the right to
get the notice just once per 12 month period.</p>
<p>After sending the “right to cure” the lender must wait for an
additional 20 days for you to cure the default. If you have not cured
the default by the end of the 20 days, the lender may repossess the
vehicle. (Again, be careful if you have already received one “right to
cure” in the past year. They get to skip these steps and go right to
repossession if that is the case.)</p>
</blockquote>
