BE IN ARREARS Meaning and
Definition
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Being in arrears refers to a situation in which a person or an entity has failed to make timely payments for a financial obligation. Typically used in the context of monetary debts, such as rent, loans, mortgages, or credit card bills, being in arrears implies that the payment has not been made by the expected due date and is therefore overdue. The term "arrears" is derived from the Old French word "arere," meaning "behind," and it signifies a state of being behind schedule or lagging in payments.
When an individual or organization is in arrears, they have accumulated a backlog of unpaid amounts. These unpaid balances accrue interest and penalties, potentially worsening the financial burden on the debtor. The term is commonly used in relation to recurring obligations, such as monthly bills or contractual payments. Being in arrears can have various consequences, including negative impacts on credit scores, legal actions, and strained relationships with creditors.
To rectify being in arrears, a debtor must make the outstanding payments to bring their account up to date. This may involve paying the principal debt, as well as any additional fees or interest that have accrued. Once the arrears are settled, the debtor can restore a positive financial standing and avoid further consequences associated with non-payment.
Common Misspellings for BE IN ARREARS
- ve in arrears
- ne in arrears
- he in arrears
- ge in arrears
- bw in arrears
- bs in arrears
- bd in arrears
- br in arrears
- b4 in arrears
- b3 in arrears
- be un arrears
- be jn arrears
- be kn arrears
- be on arrears
- be 9n arrears
- be 8n arrears
- be ib arrears
- be im arrears
- be ij arrears
- be ih arrears
Idioms with the word BE IN ARREARS
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be in arrears
To be in arrears means to be behind in payments or debt, especially in a formal or legal context. It can refer to owing money that should have been paid by a certain deadline or overdue payments that have accumulated over time.
