Dictionary Meaning and Definition on 'Arrears'
- the state of being behind in payments; "an account in arrears"
- an unpaid overdue debt
Wikipedia Meaning and Definition on 'Arrears'
Arrears (also sometimes known as rearage) is a legal term for the part of a debt that is overdue after missing one or more required payments. The amount of the arrears is the amount accrued from the date on which the first missed payment was due; the account is said to be "in arrears." The term is usually used in relation with periodically recurring payments such as rent, bills, royalties (or other contractual payments), and child support.
Payment in arrears is a term describing payments made after a service has been provided. In this case use of the word "arrears" does not imply any breach.
The term in arrears is also used in many contexts to refer to payments made at the end of a period, as distinct from in advance, which are payments made at the start of a period. For instance, rent is usually paid in advance, but mortgages in arrears (the interest for the period is due at the end of the period). Employees' salaries are usually paid in arrears.[See more about Arrears at Dictionary 3.0 Encyclopedia]
Words and phrases related to 'Arrears'
'Arrears' in famous quotation sentence
* Don't expect too much of Christmas Day. You can't crowd into it any arrears of unselfishness and kindliness that may have accrued during the past twelve months. - Oren Arnold
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Arrears Sample Sentences in News
- Bedroom tax traps Welsh tenants into arrears and misery | Dawn Foster
Wales is hit harder by the bedroom tax than any other part of the UK – with a lack of smaller homes for families Kay Harris is stressed. For 47 years, her entire life, she has lived in Bettws, an ex-mining village in the south Wales valleys. She's raised her two children here, and her extended family all live nearby. But since the introduction of the bedroom Read more on this news related to 'Arrears'
- Up to one in five PTSB customers in mortgage arrears are not engaging with the bank
Officials from Permanent TSB told the Oireachtas finance committee that 85 per cent of customers offered a split-mortgage had agreed to the deal. Read more on this news related to 'Arrears'
- Buy to let arrears problem worsens
While the numbers of households in arrears and those who have made permanent agreements with their lenders rose, the buy to let arrears problem is getting worse. Read more on this news related to 'Arrears'