Instalment
One of a series of scheduled payments made towards a debt, purchase or financial obligation.
Related terms
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Instalment Order
A Northern Ireland enforcement order requiring a judgment debtor to make fixed regular payments towards the debt.
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Hire purchase (HP)
An agreement allowing a customer to use an asset while paying instalments, with ownership normally transferring only after all required payments and conditions are met.
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Loan term
The period over which a loan is scheduled to remain outstanding before final repayment.
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