The phrase "than the full balance owed" means that a payment is made towards settling an outstanding debt, but it is less than the total amount that is actually owed. In other words, the payment is not enough to cover the full amount of debt.
Sentences with «than the full balance owed»
With debt settlement, you could end up paying back a significant amount less than the full balance owed on each account. (goldenfs.org)
You pay interest on credit cards when you pay less than the full balance owed at the end of any billing cycle. (growingfamilybenefits.com)
With your attorney, you can explore your options of settling your debt for less than the full balance owed or filing for personal bankruptcy. (creditcards.com)