Payment plan
A structured schedule for repaying a debt over time rather than paying the full amount immediately.
Related terms
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Repayment plan
A structured plan showing how much will be paid towards a debt and when.
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Forbearance
A lender’s decision to give temporary flexibility, such as reduced payments, extra time or a pause in enforcement, rather than immediately exercising its rights.
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Repayment schedule
The timetable of payments due under a loan, settlement or other financial agreement.
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