Arrears
If you are in ‘arrears’ then this means you have failed to keep up repayments on a loan you have taken out. Since loans are usually repayed monthly, if someone tells you you are two months in arrears, this means you have failed to fulfil your financial commitment to repay the loan for the last two months. Any arrears you have will be noted down in your credit record and could adversely affect your future ability to secure a loan, and the repayment rates you will be offered.
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