payment default

USAGE SUMMARY

"payment default" is correct and usable in written English.
For example, you can use it in a sentence such as: "The customer was late with their payment for two months in a row, resulting in a payment default."

✓ Grammatically correct

News & Media

Academia

Formal & Business

Human-verified examples from authoritative sources

Exact Expressions

22 human-written examples

The deal was based on four principles: voluntary participation, speed, no payment default and agreement with the European central bank.

The Guardian

Key challenges involve payment default that could be worked around micro-insurance packages that would cover for missing payments.

Massachusetts Institute of Technology

Chase said members of Iridium L.L.C. were required by the loan agreement to buy additional units in Iridium in the event of a payment default.

The New York Times

Fitch analysts observed: "The downgrade... reflects an uncured payment default following Interpipe's failure to make a scheduled principal debt repayment of $106m [£64m] on 1 November 2013.

The Guardian

But Moody's also said that the plan would benefit Europe "by containing the contagion risk that would likely have followed a disorderly payment default on existing Greek debt".

The New York Times

The payment default does not change Puerto Rico's underlying economic troubles, although it could spur efforts in Congress to find ways to help the island.

The New York Times

Human-verified similar examples from authoritative sources

Similar Expressions

38 human-written examples

Falling home prices and a spike in payment defaults have created turmoil in the mortgage industry.

The Washington Post

It typically takes as long as five years for problems, like payment defaults, to show up in home loans.

The New York Times

A weak housing market and a spike in payment defaults scared investors away from mortgage debt, including bonds and other securities backed by home loans.

The New York Times

Wade Cline, managing director of the Enron-backed Dabhol Power Company, said the problem was caused by the "continuing payment defaults" by the plant's sole customer, the utility in the Indian state.

The New York Times

As much as 70percentt of recent early payment defaults had fraudulent misrepresentations on their original loan applications, according to one recent study.

The New York Times

Expert writing Tips

Best practice

When discussing financial agreements, clearly specify the type of "payment default" to avoid ambiguity. For example, is it a loan, a bond, or a service agreement?

Common error

Avoid using "payment default" when referring to a simple delay in payment. A "late payment" becomes a "payment default" after a specific period or violation of the agreed-upon terms.

Linguistic Context

The phrase "payment default" functions as a noun phrase, typically acting as the subject or object of a sentence. It refers to the failure to meet the agreed-upon payment obligations. As Ludwig AI confirms, it's a correct and usable phrase.

Expression frequency: Common

Frequent in

News & Media

40%

Academia

30%

Formal & Business

20%

Less common in

Science

10%

Wiki

0%

Reference

0%

Ludwig's WRAP-UP

The phrase "payment default" correctly identifies a situation where an agreed-upon payment obligation is not met. As Ludwig AI confirms, this phrase is grammatically sound and commonly used, particularly in contexts related to news, academia, and formal business settings. Its function is primarily to describe a failure to meet financial obligations, with a professional and neutral tone. When using the phrase, ensure clarity by specifying the type of payment involved. While alternatives like "failure to pay" and "non-payment" exist, "payment default" is often preferred for its more formal and legal connotations.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

failure to pay

Focuses on the action of not paying.

default on payment

Emphasizes the act of defaulting specifically on a payment.

non-payment

A more concise term for the lack of payment.

delinquent payment

Implies a payment that is overdue.

missed payment

Highlights the occurrence of missing a payment deadline.

arrears

Describes the state of being behind on payments.

loan default

Specifically refers to defaulting on a loan agreement.

debt default

Refers to defaulting on a debt obligation.

financial default

A broader term encompassing various forms of financial failure.

breach of contract

Suggests a violation of a payment agreement.

FAQs

How to use "payment default" in a sentence?

You can use "payment default" in a sentence like: "The company faced a "payment default" due to insufficient funds" or "The consequences of a "payment default" can be severe, including legal action and damage to credit rating".

What's the difference between "payment default" and "late payment"?

A "late payment" is a payment made after the due date, while a "payment default" is a more serious situation where the payment obligation is not met according to the agreed terms, often leading to legal or financial consequences. A series of "late payments" can potentially trigger a "payment default".

What can I say instead of "payment default"?

Alternatives to "payment default" include "failure to pay", "non-payment", or "default on payment", depending on the specific context.

What are the consequences of a "payment default"?

The consequences of a "payment default" can include late fees, increased interest rates, damage to credit score, legal action, and asset seizure. The specific consequences depend on the terms of the agreement that was breached.