A defaulter is a natural or legal person (company) who has defaulted on the payment of an obligation on the date of its expiration.

The defaulter is someone who has become delinquent. That is, you have not made the payments of any debt or that you have not made them at the time of expiration of an obligation or a collection document (invoice).

Therefore, only someone whose debt and non-payment is included in a contract, such as a mortgage, credit card contract, invoice, check, promissory note or some payment / collection instrument will be considered a defaulter. Derived from the above, you will not be considered delinquent and you will not be able to claim from someone who still owes something, does not have any contractual document that supports the debt. In general, in the banking field, those who do not meet a fractioned obligation from the third receipt are often called defaulters.

Delinquency in companies

In the business and commercial sphere, the person who does not pay an invoice when it is due is called defaulter. However, it is not an immediate consideration, but leaves several days of margin from expiration. It also depends on the payment terms of the debtor. Let's imagine that a customer's invoice is due on December 15, however the supplier's agreement with this customer is to pay on the 10th and 25th of each month. In this case, you will be considered delinquent once you have not made the payment after the next payment date.

A common feature of delinquency is the inclusion of persons categorized as delinquent in delinquent lists and registers as a means of information. This is an attempt to control delinquency and not expand the possibility of bad debts by the same person. Anyone can consult these files, which are public, at the time of carrying out an operation, stating that they will not carry out operations with someone who already owes money. Once included in the registry of defaulters, this person is excluded from the possibility of obtaining financing or carrying out commercial operations and transactions.

Tags:  economic-dictionary finance Spain 

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