Cancels credit offered in regular payments (6)
I believe the answer is:
scrubs
'cancels' is the definition.
(scrub can mean to erase or cancel)
'credit offered in regular payments' is the wordplay.
'credit' becomes 'cr' (abbreviation).
'offered in' is an insertion indicator.
'regular payments' becomes 'subs' (short for subscription payments. I am not sure about the 'regular' bit.).
'cr' placed within 'subs' is 'SCRUBS'.
Can you help me to learn more?
(Other definitions for scrubs that I've seen before include "Wormwood _____" , "Clothing worn in an operating theatre" , "Cleans with hard rubbing" , "Abolishes" , "special clothing for those working in the theatre" .)