UK Accounting Glossary
The term delinquent refers to a person or business entity that has failed to meet an agreed-upon obligation according to the agreed-upon schedule.
For example, a business that is late in filing required regulatory documents would be considered delinquent. A person who is late in paying his required monthly payment on a loan would also be considered delinquent. In both examples, the delinquent parties would be subject to penalties. If a borrower becomes delinquent he must pay his original obligation as well as any penalties within a certain time or risk default (which could lead to repossession or foreclosure). While being considered delinquent is less serious than defaulting on an obligation, either one may negatively affect a person’s credit standing.
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This glossary post was last updated: 7th February 2020.