"suspend payment" is a correct and common phrase used in written English.
You would use it when you need to temporarily stop making financial payments, for example: "The bank advised me to suspend payment on my loan until I can get caught up on my other bills."
The city's decision to suspend payment in the system was first reported in The New York Post.
Unfortunately, so did a series of on-again-off-again Congressional initiatives, beginning under the Reagan Administration, to suspend payment of dues to the United Nations, including UNESCO.
Another option to consider is loan forbearance where the lender allows you to temporarily suspend payment because of financial hardship or similar reasons.
Last September Ecuador decided, with more or less explicit encouragement from the International Monetary Fund, to temporarily suspend payment of some of its foreign debt.
As a solution to the latter problem, Juárez decided in July 1861 to suspend payment on all foreign debts for two years.
He said he would suspend payment of nearly €500 million, or $627 million at the current exchange rate, in development funds to Hungary next year unless Budapest made progress bringing down its deficit.
But if a split cap breaches its banking covenants it can suspend payments on zeros.
She said employment advisers should be given more discretion to decide when to suspend payments.
Filing to suspend payments is the first step in France toward a court-ordered company restructuring.
The loss of that money had forced him to cancel a production and temporarily suspend payments to his dancers.
Millions of Argentines are suffering from the government's decision to freeze bank accounts and suspend payments on its debts.
