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arrears

noun

/əˈrɪəz/

IPA:

Dictionary definition of arrears

A situation where a debt or payment that is due has not been paid by the agreed upon date.
"She was in arrears on her rent and faced eviction."

Detailed meaning of arrears

This can refer to payments for bills, loans, rent, or other financial obligations. When a person or organization is in arrears, they have failed to make a payment on time and now owe a past due amount. This can have negative consequences, such as late fees or interest charges, and may also damage the individual or organization's credit score. It is important for individuals and organizations to keep track of their financial obligations and make payments on time to avoid falling into arrears.

Example sentences containing arrears

1. The tenant fell into arrears with the rent.
2. The company struggled with arrears in its financial obligations.
3. The homeowner faced foreclosure due to mortgage arrears.
4. He paid off his arrears to avoid legal action.
5. The late payment put him in arrears with his credit card company.
6. She was burdened by arrears in her student loan payments.

History and etymology of arrears

The noun 'arrears' has its etymological origins in Old French. It can be traced back to the Old French word 'arere,' which means 'behind' or 'in the rear.' This term was used in the context of debts and payments to refer to a situation where someone was behind or late in fulfilling their financial obligations. Over time, 'arrears' made its way into Middle English with a similar meaning, signifying a situation where a debt or payment that is due has not been paid by the agreed-upon date. The etymology of 'arrears' effectively conveys the idea of falling behind or being in a backward position concerning financial obligations, emphasizing the delay or failure to meet payment deadlines.

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Further usage examples of arrears

1. The business had to clear arrears to avoid bankruptcy.
2. Arrears in child support payments led to a court hearing.
3. The employee settled the arrears in outstanding taxes.
4. Arrears in utility bills can result in service disconnection.
5. The company faced penalties for tax arrears.
6. The homeowner negotiated a plan to address the arrears.
7. The government collected arrears in unpaid fines.
8. Arrears can impact a person's credit score negatively.
9. The landlord issued a notice for arrears in rent.
10. The court ordered the debtor to pay the arrears.
11. Arrears in alimony payments were a source of tension.
12. The bank demanded repayment of arrears on the loan.
13. The business struggled to catch up on arrears in vendor payments.
14. He successfully cleared the arrears on his car loan.
15. The company's failure to pay its bills resulted in arrears with multiple suppliers.
16. The employee received a warning letter for falling behind in their work and accumulating arrears.
17. The borrower struggled to catch up on their loan arrears, facing mounting interest charges.
18. The landlord demanded immediate payment to clear the arrears on the lease.
19. The government implemented measures to assist individuals in clearing their tax arrears.
20. The customer was denied further credit due to their arrears on previous loans.
21. The homeowner faced foreclosure due to arrears on mortgage payments.
22. The student faced academic consequences due to arrears in coursework completion.
23. The utility company disconnected services due to arrears on the account.
24. The freelancer encountered financial difficulties when clients left them in arrears on project payments.
25. The debtor faced legal action for their outstanding arrears owed to creditors.