Arrears Definition: Arrears refer to an obligation or the need to make a payment, usually by money or a specific due date. The remaining outstanding balance is considered arrears when a payment is missed, delayed, or only partially paid. Payments for goods or services are often expected to be made within a specific time frame stipulated in a bill or invoice.
Once this date passes, the amount owing is considered arrears and may be subject to legal action. Arrears often refers to unpaid rent, mortgage, phone, internet, or utility expenses. According to a contractual agreement, payments made in installments may become arrears if missed or the bank returns a payment due to insufficient funds.
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