24 Hour Loans glossary of financial terms

Arrears Breakdown

An arrears breakdown is a document that you can request from your lender if you are in arrears with repayments on a loan. So, for example, if you have not been paying your mortgage as you should every month and you want to know how much you now owe, then you can ask your lender for an arrears breakdown. This will show you exactly where you now stand. The majority of lenders will charge a fee to provide the arrears breakdown documentation.

Most arrears breakdowns will show you a monthly breakdown of arrears, the total arrears balance you owe and any associated costs and charges. If you fail to meet your repayment commitments with a loan then you won?t simply owe just the money you haven?t repaid. Your arrears breakdown may therefore include other costs and charges such as additional interest charges, penalties and administrative costs depending on your lender?s terms and conditions.