Notice of sums in arrears
A statutory notice required for certain regulated credit agreements when specified levels of arrears have arisen.
Related terms
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Arrears
Money that should already have been paid under an agreement, bill or tax obligation but remains outstanding.
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Credit agreement
A contract setting out the terms on which credit is provided, including repayment, interest, charges and any security.
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Default notice
A formal notice required in certain regulated credit agreements before a creditor can take specified enforcement steps.
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