Sorry, no online dictionaries contain the exact phrase payment default.
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Reverse dictionary results:
1. nonpayment
2. delinquency
3. arrears
4. arrear
5. default
6. defaulting
7. inertia selling
8. insolvent
9. solvent
10. unfinancial
11. bankrupt
12. best efforts
13. insolvency
14. negative equity
15. short
16. illiquid
17. restrictive covenant
18. stale
19. underwater
20. upside down
21. delinquent
22. disuse
23. indebted
24. indebtedness
25. safe
26. seasonal unemployment
27. shortfall
28. working
29. deadbeat
30. don't
31. employed
32. featherbedding
33. frictional unemployment
34. indebtment
35. negative gearing
36. outstanding
37. redundancy
38. banned
39. contraband

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You can look up the words in the phrase individually using these links:   payment ?   default ?
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