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Arrears

Definitions and Meaning in English

1. Money that is owed and should have been paid earlier, typically in reference to debts, bills, or payments.
2. A situation where payments or obligations are overdue or delayed.
3. The state of being behind in fulfilling a financial or contractual obligation.
4. In employment, arrears may refer to wages or salaries that are due but have not yet been paid.

History and Origin

The word arrears originates from the Middle English arrear, which is derived from the Old French arriere (meaning “behind” or “in the rear”). The term was first used in the 15th century and referred to something that was behind or overdue. Over time, its usage expanded to describe overdue payments or debts in financial contexts. The word has retained this meaning in both legal and everyday language, where it is used to describe unpaid bills or obligations.

Detailed Explanation

Arrears refers to any amount of money that is overdue or behind in payment. It can occur in various contexts, such as unpaid bills, overdue rent, or wages that have not been paid on time. The term is often used to describe payments that should have been made earlier but are still outstanding. In some cases, arrears can also refer to a backlog of tasks or obligations that have accumulated over time. The concept of arrears is common in financial transactions, particularly with loans, mortgages, utilities, and salaries. The longer the arrears go unpaid, the more they may incur interest or penalties.

Example Sentences

1. The company was struggling with arrears on its utility bills.
2. She paid off all her arrears to avoid further penalties.
3. The tenant was evicted for falling behind in arrears on the rent.
4. The employee received his wages in arrears at the end of the month.
5. The council was collecting arrears from residents who had missed payments.
6. The government is trying to reduce the arrears in tax payments.
7. They were given a grace period to pay the arrears on their loan.
8. After several months, the debt in arrears had grown significantly.
9. The landlord sent a notice for the arrears in rent payment.

Synonyms with Short Explanation

1. Outstanding – Refers to amounts or obligations that are not yet paid or completed, similar to arrears.
2. Overdue – Something that is past the expected time for payment, akin to arrears.
3. Unpaid – A state where a debt or obligation remains unsettled, like arrears.
4. Backlog – A collection of tasks or obligations that are overdue, sometimes used interchangeably with arrears.
5. Delinquency – The failure to meet financial obligations, similar to being in arrears.

Related Words with Short Explanation

1. Debt – An amount of money owed, often leading to arrears if payments are not made on time.
2. Default – The failure to fulfill a financial obligation, which can lead to arrears if not addressed.
3. Penalty – A fee or fine applied for missing payments, commonly associated with arrears.
4. Installment – A part of a payment made over time, often used in situations where arrears may occur if installments are missed.
5. Balance – The remaining amount due, which could be in arrears if payments are not made as required.

More Matches with Short Explanation

1. Overdraft – A situation where a bank account goes into the negative due to insufficient funds, often a result of financial arrears.
2. Late fee – A charge added to an overdue payment, often triggered by arrears in payments.
3. Collection – The process of retrieving overdue payments, often related to arrears in accounts.
4. Foreclosure – The legal process that can occur when mortgage payments are in arrears for an extended period.
5. Repossession – The act of reclaiming property due to missed payments, similar to actions taken for arrears in loans.

Antonyms

1. Payment – The act of settling a debt, opposite of being in arrears.
2. Clearance – The process of paying off a debt or obligation, removing the arrears.
3. Balance – The opposite of arrears when a debt has been paid in full or settled.
4. Prepayment – Paying ahead of time, preventing the occurrence of arrears.
5. Refund – The return of money, which can reverse the state of arrears in a transaction.