Tooltip Tags: payments

payment deferment

A debt which has been incurred and will be paid back at some point in the future. (source: http://www.investorwords.com/1365/deferred_payment.html)

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pay

The money paid to someone for regular work. (source: http://oxforddictionaries.com/definition/english/pay?q=pay)

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past due payment

A loan payment that has not been made as of its due date. A borrower who is past due may be subject to late fees,

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partial acquittance

Agreement for which a creditor waives the right to recover an established debt in full, and a partial payment is enough to satisfy that obligation.

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overdue

Unpaid after the payment due date. (source: http://www.investorwords.com/3545/overdue.html)

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order of payment

An international banking term that refers to a directive to a bank or other financial institution from a bank account holder instructing the bank to

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notice of default

A notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency

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non-payment

A failure to pay money which is owed. (source: http://dictionary.cambridge.org/dictionary/british/non-payment)

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moratorium

A legally authorized period of delay in the performance of a legal obligation or the payment of a debt. (source: http://www.merriam-webster.com/dictionary/moratorium)

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