Notice of sums in arrears
Legal & insolvencyA formal notice that your account is behind on payments.
Overview
Lenders must send this notice when arrears reach certain thresholds.
It outlines what is owed and options to address it.
Why it matters
- It signals that your account is in serious arrears.
- It may be recorded on your credit report.
- It gives you a chance to take action early.
FAQs
Does this notice mean I am in default?
Not necessarily, but it means you are behind and need to act.
What should I do after receiving one?
Contact the lender to discuss a payment plan or catch up on arrears.
Related terms
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