underpayment
noun[CorU]
uk/ˈʌndəˌpeɪmənt/usCOMMERCE
theactofpayingsomeone too little for theworkthey do, or anoccasionwhen thishappens:
Problemsincludedunderpayments to someemployees.
theactofpayingless than isnecessaryor less than thevalueof something, or anoccasionwhen thishappens:
Shereceivedabillfor underpayment of more than $1000.
Much of thesurplusis theresultof underpayments to past policyholders.
BANKING,FINANCE
theactof makingsmallerpaymentsthanoriginallyagreedwhenpayingback aloan, or anoccasionwhen thishappens:
It isimportantto have aloanwithflexiblefeatures, whichallowoverpayment and underpayment.
You will bechargedinterestandpossiblysurchargeson any underpayment.
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overpayment