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Simple English definitions for legal terms
deferred payment
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A quick definition of deferred payment:
Deferred payment refers to a situation where a payment that is supposed to be made is postponed to a later date. This can happen with payments that involve both the principal amount and the interest that is charged on it. It can also refer to installment payments that are delayed until a later time.
A more thorough explanation:
A deferred payment is when a payment that is supposed to be made now is postponed to a later date. This means that instead of paying the full amount at once, the payment is split into smaller installments that are paid over time.
- When you buy a car, you may be able to make a down payment and then defer the rest of the payments for a few months.
- If you take out a loan, you may be able to defer the payments for a certain period of time, such as six months.
These examples illustrate how deferred payments work. Instead of paying the full amount upfront, you can split the payments into smaller amounts that are paid over time. This can make it easier to manage your finances and budget for the payments.