What is a deficiency balance?

Answer by  dakasimba (26)

A deficiency balance is when you have spent more money than you have in your account. For example if you have $100 in you account and you buy something for $200 your balance is -$100. This is a deficiency balance. It means you balance is in the red.

Answer by  kak (488)

Unfortunately, if you have a repossession, you may still owe a balance to the lending institution. Some states can garnish your wages. Try to make a plan with the lender.

Answer by  tamarawilhite (17883)

When what you owe is greater than the money the lender received in selling the property on which you owed money (like a house or car), the difference between the debt and the money they got is the deficiency balance. And they want you to pay that difference.

Answer by  tamarawilhite (17883)

If a debt was owed and the payments made do not cover the entire debt, then the amount still owed is the deficiency balance.