Arrears
-
"Arrears" refers to the amount of unpaid instalments, usually together with any fees and charges incurred as a result of being behind with payments, on an account where the borrower has fallen behind with the normal monthly repayments on a loan.
Arrears are usually subject to interest, and fees are also often incurred as a result of not keeping up to date with monthly instalments.
Lenders can usually help find a way of getting payments up to date if the borrower contacts the lender to discuss any difficulties as soon as possible. |
