Glossary
Failing to meet the terms of the agreement, such as missing payments.
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Failing to meet the terms of the agreement, such as missing payments.
The agreement defines default, often as missed or reversed payments, closing a bank account, or breach of conditions.
Understanding it helps you avoid it.
Three failed debits in a month may trigger default under some agreements.
Speak to the funder before a missed payment. Early conversation can avoid default.
A funder's default definition is read as a list of triggers. Missed remittances are the obvious one, but closing the receiving account, changing processors or taking other advances without consent can also qualify. Knowing the list ahead of time turns a legal term into a calendar.
Default is not instant ruin in most agreements. There are often cure periods and a chance to agree a new schedule if you call early.
If a payment is at risk, call before the debit rather than after. Many funders will agree a temporary reduction or a revised schedule, and a documented conversation protects you if there is a later dispute.
Often, by communicating early and requesting a reconciliation.
See the related guides and the comparison pages, or apply and ask.
No. It is educational information, and agreements vary.
Educational information only. It is not legal, tax or accounting advice.
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