Missed payment
A scheduled payment that was not made by the due date.
Related terms
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Late payment
A payment made after the contractual, statutory or agreed due date.
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Notice of default
A notice telling a borrower that an obligation has been breached or payment has been missed. It may be contractual or required by law depending on the agreement.
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Demand for payment
A request, usually in writing, requiring a debt to be paid by a stated date. Some demands have specific legal significance.
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