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Payment Default

Definition of 'Payment Default'

This is another term for a Default and relates to the missing of a scheduled repayment on a debt greater than $100 which has been left outstanding for 60 days or more, and where recovery action has commenced. Payment Defaults remain on your Credit Report for five years whether repaid or not and seriously affect your credit standing.

Use the links below to locate the term you are looking for. If you can't locate it, please get in touch.

Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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