Arrearages refer to past due or unpaid amounts, typically in the context of financial obligations such as rent, loan payments, child support, or taxes. When a payment becomes overdue or falls behind schedule, it accrues arrearages until the outstanding amount is settled. Arrearages can accumulate interest or penalties over time, increasing the total amount owed. In legal proceedings, arrearages may be subject to enforcement actions, such as wage garnishment, property liens, or court orders for repayment. Resolving arrearages often involves making arrangements to catch up on missed payments and may require negotiation, mediation, or court intervention to establish a repayment plan or address underlying financial issues.
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This glossary post was last updated: 29th March 2024.
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