Definition of default (Entry 1 of 2) 1 : failure to do something required by duty or law : neglect. 2 archaic : fault. 3 economics : a failure to pay financial debts was in default on her loan mortgage defaults. 4a law : failure to appear at the required time in a legal proceeding The defendant is in default.
Contents
What does the term default refer to?
Default is the failure to repay a debt, including interest or principal, on a loan or security. A default can occur when a borrower is unable to make timely payments, misses payments, or avoids or stops making payments.
What is a default in computer?
In computer technology, a default (noun, pronounced dee-FAWLT ) is a predesigned value or setting that is used by a computer program when a value or setting is not specified by the program user.The program is said to default when it uses a default value or setting.
What are the types of default?
There are two types of defaults – debt services default and technical default. Defaults are distinct from illiquidity, insolvency, and bankruptcyBankruptcyBankruptcy is the legal status of a human or a non-human entity (a firm or a government agency) that is unable to repay its outstanding debts.
How do I use default?
- Open your phone’s Settings app.
- Tap Apps. Default apps.
- Tap the default that you want to change.
- Tap the app that you want to use by default.
What is default give example?
Default is defined as the action of failing to fulfill an obligation. An example of default is the action you take when you fail to pay your credit card.The failure to perform a legal or contractual requirement, such as the payment of a debt by the due date.
What does default mean in business?
Generally, default refers to a company or individual who fails to make payments or interest payments on time. It typically applies to loans taken from a bank or provider and can lead to a declaration of bankruptcy or loss of assets (collateral) that will be used to pay off debts.
What means default address?
The default address is the primary address for a constituent. It will always be listed first in their profile and will be highlighted and outlined in blue. This is also the address that will be shown on the constituent grid.
What does default on credit mean?
A default is a financial term, used when a credit agreement has been broken. If you’re unable to make payments or you don’t pay the right amount, your creditor may send you a default notice. If the default is applied, it could affect your credit file.
Who is a defaulter in banking?
When a borrower fails to pay loan EMIs on time, as per the loan agreement, he is termed as a loan defaulter. Being a loan defaulter doesn’t get you labelled as a criminal.
How do you use default in a sentence?
Default sentence example
- In default of due payment, their lands were liable to be sold to the highest bidder.
- He was the default for most of the decisions she felt uncomfortable about making, but those decisions rarely included the children.
- I sort of got roped into this mess by default .
What does default mean on a cell phone?
When you tap an action in Android, a specific application always opens; that application is called the default. This can come into play when you have more than one application installed that serves the same purpose. For example, you might have both the Chrome and Firefox web browsers installed.
What does default account mean?
An account defaults when you break the terms of the credit agreement. Your creditor decides there’s no chance you can get back on track, and cancels your agreement with them. A debt can only default once, but after this happens your creditor can take further action to collect the debt.
What happens when you default?
When a loan defaults, it is sent to a debt collection agency whose job is to contact the borrower and receive the unpaid funds. Defaulting will drastically reduce your credit score, impact your ability to receive future credit, and can lead to the seizure of personal property.
What happens when a company defaults?
When a company defaults on this kind of debt, the lender can take possession of the property or equipment offered as security for the debt. In some cases, the lender is limited to the secured assets, and if the obligation is greater than the secured value, the lender must take the loss.
What does default refer to quizlet?
Default means that the borrower has failed to (1) make scheduled loan payments or (2) violated on a provision in the note or mortgage.
What does it mean set as default shipping address?
In Shipping Settings, the Default shipping address provides buyers with the location you are shipping from on the Offer Listings page. You can define multiple shipping addresses, but you can only set one Default shipping address per account.
What does primary shipping address mean?
Related Definitions
Primary mailing address means the address on file with the board and to which official board correspondence, notices or documents are delivered in a manner determined by the board.
What is default address in networking?
Network devices are set to a single default IP address; for example, Linksys routers are typically assigned an IP address of 192.168. 1.1. The default address is left intact by most users, but can be changed to suit a more complex network architecture. See default gateway and IP address.
Is a default the same as a CCJ?
Is there a difference? The short answer here is: yes, there is a big difference between the two. CCJ stands for County Court Judgement and is more serious than a default. It means that your lenders have gone further down the legal route to try and get their money back.
Can I still get a mortgage with a default?
Is it possible to get a mortgage with a default? Yes, absolutely. While there are several mortgage lenders willing to approve applicants with satisfied defaults, they will still carefully consider your application as a whole and weigh up the severity of your adverse credit.