👉 Delinquency refers to a situation in which an individual or entity is not paying their debts, obligations, or taxes as agreed upon by both parties. Delinquent payments can result from various reasons such as lack of payment due to unforeseen circumstances like illness, job loss, or financial difficulties.
Delinquency can occur for several reasons:
1.
Non-payment
: This refers to the failure to pay a debt or obligation on time.
2.
Insufficient funds
: The borrower may not
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What is the definition of Delinquency? 🙋
