payment default
Missed debt obligation
Payment default is failure to make a required payment on time, especially on a loan or other debt obligation.
When a borrower defaults, the lender may impose penalties, report to credit agencies, or pursue legal remedies.
After three missed mortgage payments, the bank declared them in payment default.
The term appears in contracts to specify exactly what triggers default status.
- arrearsOverdue financial obligations
- collection agencyFirm recovering overdue payments
- credit scoringAssessing borrower reliability numerically
- breach of contractFailure to perform agreed duties
- financial stressTension from monetary difficulties
debt spiral · delinquency · insolvency · garnishment · legal recourse · nonpayment · late fee · bankruptcy filing · credit risk · foreclosure · underwater mortgage · grace period · final notice · collection call · repossession · loan shark · risk assessment · principal balance
payment defaultfull payment
Entire amount owed, delivered
on-time payment · debt repayment · loan repayment · debt settlement · amortization
payment defaultgood standing
Favorable status or reputation
creditworthiness · solvency · financial health · good credit · current account
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