The word "Defaulted" is pronounced as /dɪˈfɔːltɪd/. This word refers to a situation where a borrower fails to fulfill their obligations to pay back the loan according to the agreed terms. The spelling of "Defaulted" follows the English language's convention of using the letters "de-fau-lted" to convey its pronunciation /dɪˈfɔːltɪd/. The "default" part of the word comes from the Latin word "defaultere," which means to fail. Overall, "Defaulted" has become an essential term in the finance industry, especially while discussing loan repayments.
Defaulted can be defined as the failure of an individual, organization, or entity to fulfill their financial or contractual obligations within a specified period. It refers to the situation where the debtor fails to make timely payments on a loan, bond, or other form of debt, or fails to meet the terms and conditions outlined in an agreement or contract.
In the financial context, defaulting typically occurs when a borrower fails to repay the borrowed amount, including any accrued interest, within the agreed-upon timeframe. This can lead to serious consequences, such as tarnished credit ratings, additional fees or penalties, and legal actions taken by the lender to recover the outstanding debt, including possible foreclosure or repossession.
Defaulting can also apply to non-financial or contractual matters. For example, a default may occur when a party fails to fulfill their obligations in a lease agreement by not paying rent or violating certain provisions. In such cases, the party who defaulted may be subject to penalties, eviction, or legal action.
The term "defaulted" carries negative connotations as it implies a breach of trust or failure to meet responsibilities. It is commonly used in legal and financial contexts to describe situations where a party fails to fulfill their agreed-upon obligations, leading to potential financial, legal, or contractual consequences.
Having defect; called out of court as a defendant.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
The word "defaulted" originates from the Middle English term "defaute" meaning "lack, failure, or defect". It entered English in the late 13th century from the Old French word "defaute", which was derived from the Latin word "defectus", meaning "failure" or "lack". Over time, the word evolved and gained the suffix "-ed" to become "defaulted". In its current usage, "defaulted" typically refers to the failure to fulfill an obligation, particularly financial or legal.