Arrears (Noun)
Meaning 1
The state of being behind in payments; "an account in arrears".
Classification
Nouns denoting natural processes.
Examples
- The tenant was several months in arrears with the rent and was facing eviction.
- After losing her job, she fell into arrears with her mortgage payments and had to seek assistance.
- The company's financial troubles led to its account being in arrears with the supplier.
- The debtor was able to work out a payment plan to get out of arrears with the creditor.
- Falling behind in arrears with utility bills led to the household having their electricity shut off.
Hypernyms
Meaning 2
An unpaid overdue debt.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company has accumulated significant arrears on its tax payments and is now facing penalties and fines.
- She fell behind on her mortgage payments and now owes the bank substantial arrears.
- After several months of not paying his credit card bill, he received a letter from the bank stating that he had arrears of over a thousand dollars.
- The client is trying to negotiate a payment plan with the contractor, as they have accumulated arrears on their construction project invoice.
- Due to unforeseen financial difficulties, the family has built up arrears on their utility bills and is now struggling to get back on track.