Forbearance

1. Lending - secured lending - foreclosure.

A temporary postponement of mortgage repayments.

Especially when agreed as an alternative to foreclosure.

2. Lending.

Any agreed postponement or reduction in loan repayments.

COVID-19 sovereign debt forbearance

"With immediate effect—and consistent with national laws of the creditor countries—the World Bank Group (WBG) and the International Monetary Fund (IMF) call on all official bilateral creditors to suspend debt payments from IDA countries that request forbearance.

"This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country."

World Bank and IMF joint statement - March 2020.

3. Law.

Refraining from exercising any legal right.

Especially any right to enforce the payment of a debt.

COVID-19 and personal debt

"Central and local governments in England and Wales should temporarily suspend all use of bailiffs (enforcement agents) to collect debts, and should pause other collection activity for people impacted by the pandemic.

"Central government should provide additional funding to local authorities as needed to enable them to offer payment holidays and other forbearance on council tax bills."

UK Money Advice Trust - March 2020.

See also

• Bailiff
• Charge
• Coronavirus
• COVID-19
• Default
• Fixed charge
• Foreclosure
• Grace period
• IDA countries
• International Monetary Fund
• Mortgage
• Pandemic
• Repossession
• Security
• Waiver
• World Bank