- A payment made towards the settlement of a debt that is typically paid at regular intervals to the creditor or lender.
premium, partial payment, payment, regular payment
Related Terms and Acronyms
- Accumulation Period (AP) — Acronym, Important,
- The period where an investor continues to put money into his or her investment(s).
- Annuity Consideration — Definition,
- The payment(s) made by an individual in order to accumulate value in an annuity.
- Balloon Payment — Definition,
- A loan instalment that is larger than the other, periodic payments and pays off the remaining principal.
- Debt — Definition,
- Money one person or firm owes to another person or firm.
- Debt Consolidation — Definition,
- The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
- Fixed Instalment — Definition,
- Periodic (usually monthly) payment on a loan whose sum does not vary.
- Garnishment — Definition,
- An amount withheld from your pay and remitted to another party, such as a creditor. You must include in your taxable income any amount that was garnished from your pay, because the full amount of your pay is considered to have been received by you even though some was withheld to pay your debts.
- Late Payment — Definition,
- A sum a borrower sends to a lender that is received past the date when it was due.
- Lender — Definition,
- The bank or mortgage company offering the loan.
- Lump Sum Payment — Definition,
- One-time single-sum payment or payout.
- An extra payment made to reduce a loan.
- Payout Phase — Definition,
- The phase of a deferred annuity where the annuity begins to make payments to the annuitant.
- Premium — Definition,
- A payment made to an insurance company for insurance coverage.
- Secured Debt — Definition,
- A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.
- Tax Instalment Payment Plan (TIPP) — Acronym, Canada,
- A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
- Unsecured Claim — Definition,
- A claim or debt where the creditor has no guarantee of repayment because collateral is not required from the borrower. Credit is granted solely on an assessment of the debtor's future ability to repay the claim or debt.