An Arrear refers to that payment which is made after its due date. It is a state of being behind in payments.

Facts about Arrears:

This term is more commonly used with mortgages, it refers to that unpaid debt, which consequentially adds up and accumulates as arrears. Though there are many methods of raising money to pay mortgage arrears, the most popular amongst them is to have a mortgage protection plan, from a mortgage insurance company. This mortgage protection plan will help you to pay off your mortgage debt in the state of financial crisis.