Defaulted definitions
| Word backwards | detluafed |
|---|---|
| Part of speech | The part of speech of the word "defaulted" is a verb. |
| Syllabic division | de-fault-ed |
| Plural | The plural of "defaulted" is "defaulted." It does not change in the plural form. |
| Total letters | 9 |
| Vogais (3) | e,a,u |
| Consonants (4) | d,f,l,t |
When a borrower fails to make timely payments on a loan or debt, the account is considered to be in default. This means that the borrower has breached the terms of the agreement, leading to serious consequences.
Consequences of Default
Defaulting on a loan can have a significant impact on an individual's financial situation. It can lead to a lower credit score, making it harder to secure credit in the future. In addition, defaulting can result in legal action being taken against the borrower, such as wage garnishment or asset seizure.
Types of Default
There are various types of default, including mortgage default, student loan default, and credit card default. Each type of default has its own set of consequences and steps that can be taken to remedy the situation.
Remedying Default
There are several ways to remedy default, depending on the type of loan or debt. For example, making a payment to bring the account current can help resolve the default status. In some cases, the lender may be willing to negotiate a repayment plan to help the borrower get back on track.
Defaulting on a loan is a serious matter that can have long-lasting consequences. It is essential for borrowers to understand the terms of their loans and to communicate with their lenders if they are experiencing financial difficulties. By taking proactive steps to address default, borrowers can work towards improving their financial situation and avoiding further negative consequences.
Defaulted Examples
- The borrower defaulted on their mortgage payments.
- The student will be penalized if they default on their assignment submission deadline.
- The company defaulted on their loan agreement with the bank.
- He defaulted on his promise to pick up his sister from school.
- The software defaulted to its previous settings after the update.
- The athlete defaulted on the race due to injury.
- She defaulted on her diet by eating a whole pizza by herself.
- The customer defaulted on their subscription payment, leading to cancellation.
- The team defaulted on their strategy, resulting in defeat.
- He defaulted on his responsibilities as a team leader by not showing up for the meeting.