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"suspended payment" is a correct and usable phrase in written English.
You would use it in situations where a payment has been put on hold. For example, "The bank has suspended payment on the loan until all of the paperwork is completed."
Exact(10)
It had suspended payment on the common last month.
In Great Britain, for example, the government suspended payment of gold for all outstanding banknotes during the Napoleonic Wars (1797 1815).
Israel has suspended payment of the $30m-odd 30m-odd the Palestitian Authowesy each monthein customs revenues, cutting off two-thirds of its income at a stroke.
It had not been in compliance with its debt covenants since mid-2008, and it suspended payment on the debt last fall.
BancTexas Group Inc. said that its directors had suspended payment of annual dividends on its preferred stock because of a loss in the fourth quarter.
Judge Thomas P. Griesa of United States District Court in Manhattan agreed, but he suspended payment for 45 days, given that Argentina is about to present its restructuring plan.
Similar(50)
Oslo refused and suspended payments of €140m, while still distributing €13m through Őkotárs.
He had rejected their conditions, and in 1982 had suspended payments on the foreign debt.
With no program in place, Western donors have suspended payments to the reconstruction trust fund.
But in a rare agreement, both Legal Aid and several landlords sued the authority over suspended payments.
The company has suspended payments on its $2.1 billion in debt for two months.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com