Arrears
Money that should already have been paid under an agreement, bill or tax obligation but remains outstanding.
Related terms
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Debt
Money or another financial obligation owed by one person or organisation to another.
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Liability
A legal or financial obligation to pay money, compensate another party or meet another duty.
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Secured creditor
A creditor with enforceable security over an asset, giving it rights against that asset if the debt is not paid.
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