Definitions for "Wage assignment"
A loan provision stipulating that in the event of default, payments will be deducted from an employee's wages. Prohibited in some states. see also garnish.
The process whereby an employer turns over a portion of the noncustodial parent's or obligor's wages to a court of collection agency as payment for child support.
This is a signed agreement by a borrower that permits the creditor to collect certain portion of debtor's wages from his employer in case of default.
Keywords:  warehousing, workout
workout Warehousing
A clause in a loan contract that allows the lender to obtain the borrower's wages in the case of a default without notice or a hearing. This credit practice was prohibited by federal regulation in 1985.... read full article
a form of security for consumer loans in which the collateral is a portion of the future wages of the borrower