Terms Starting with P

Partial Payment: This is the less than full amount payment

Past due: When you are unable to make the minimum payment on the due date your account is considered past due.

Principle: This is the amount of money you owe minus the interest.

Petition: This is when a consumer files bankruptcy and the judge has not yet reverted for hearing dates or any proceedings then it is called a bankruptcy petition.

Plaintiff: This is the person who brings legal action against another.