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| Glossary |
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Arrears
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"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.
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