One who fails to fulfill an obligation or perform a task, especially a legal or financial one.(noun)
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Use "defaulter" in a sentence
"Of course, either defaulter is going to appear to be "over his head.""
"The home is now going to be owned by someone who can make ends meet, and the defaulter will be able to apply his resources to things he wants."
"Lord Mahon, and perhaps a long day; and I must go down early, because I was yesterday when the House was called a defaulter; so I shall dine there, and after dinner I will collect upon paper what I hear of the transactions of the day."