payment plan
Definition
A plan for paying any outstanding debts. Different types of financing involve payment plans including mortgage loans, vehicle loans, and student loans. Within a payment plan, the borrower agrees to pay back a certain amount of money each month to repay the debt. Other types of payment plans, such as credit cards, will require a more flexible payment plan, with different amounts due each month. Prepayments may also be part of a payment plan where customers prepay for merchandise on a specified plan before actually receiving the merchandise.
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Work Out a Plan with Lenders to Achieve a Better Credit Score
Most people don't realize that if they are behind on their debt payments and are going through some trying times, their lenders will often consider negotiating a revised payment plan or possibly forgi ... Read more
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