Definitions for "Overpayment"
A mortgage repayment bigger than the one needed to meet the loan's minimum requirements. Mortgages that allow these without charges are often useful for people whose type of employment means that from time to time they receive significant bonuses or other influxes of money.
The situation whereby more than the required amount (i.e. the monthly repayment) is paid to the lender in order to decrease the term of the mortgage, this can be in the form of a lump sum or regular monthly overpayments. ( )
If you pay more than you are required to against your mortgage, you will pay less interest over the mortgage period and your loan will be paid off earlier.
a benefit payment that is more than the amount to which you are entitled
an amount of Benefit that has been paid, but for which there was no entitlement under the Regulations
an amount of Housing Benefit that has been paid to you, to which you are not entitled
Submenu An overpayment is created whenever a student received federal aid that exceeded his or her eligibility based on a student error, failure to report information, or an obligation to return funds. A student is not eligible for additional federal funds until the debt is repaid in full or satisfactory repayment arraignment is made.
Any payment of financial aid that exceeds the amount for which a student was eligible. An overpayment may be the result of an overaward, an error in cost of attendance or Expected Family Contribution (EFC), or a student not meeting any other eligibility criterion, such as citizenship or enrollment in an eligible program.
Occurs when a student receives more aid than eligible to receive.
the act of paying too much
An overpayment occurs when an obligor pays more than the court-ordered child support obligation. The overpayment may be the result of an error or a court-ordered retroactive downward modification of support. The child support agency applies overpayments to existing arrears. If the overpayment is greater than the arrears, the child support agency returns the remaining overpayment to the obligor by deducting 20 percent from the obligor's current monthly support or maintenance obligation until the overpayment is reduced to zero.
a payment larger than needed or expected
an excess payment
a payment of tax which is determined in the manner provided by statute not to be legally due