Repayment Plan

Definition

  • Modifications made to the repayment terms of an existing loan after the borrower is delinquent. Often used when the borrower misses payments, but the lender does not foreclose.

Synonyms
repayment assistance plan, loan repayment plan, debt repayment plan

Related Terms and Acronyms

  • Bankruptcy (BK) Acronym, Important,
    • A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • 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.
  • Default Definition,
    • When a borrower fails to fulfill the obligations of a loan or lease.
  • Delinquent Mortgage Definition, Important,
    • A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • Refinancing Definition,
    • The act of paying off one mortgage with another mortgage to take advantage of lower interest rates. Refinancing is also used to transform equity into cash for vacations, home improvements, or for consolidating debt.
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