What is the term for an arrangement made to repay delinquent installments or advances?

The term that refers to an arrangement made to repay delinquent installments or advances is known as a repayment plan. This typically involves a structured payment schedule agreed upon by a borrower and lender, outlining how the borrower will catch up on missed payments over a specified timeframe. The goal of a repayment plan is to help the borrower manage their debt while also providing a solution for the lender to recover the overdue amounts.

A forbearance agreement could also relate closely to this situation, as it involves the lender allowing the borrower to temporarily stop or reduce payments. However, it does not inherently involve a structured repayment plan for delinquent installments. Debt consolidation refers to combining multiple debts into a single loan, which does not specifically address the repayment of delinquent installments. Loan modification involves changing the terms of the loan itself, such as interest rates or loan duration, rather than simply creating a plan to repay overdue payments. Thus, the most accurate term for an arrangement made to repay specifically delinquent installments or advances is indeed a repayment plan.