A
Loans
Arrears
When you miss a loan repayment, you go into arrears. Simple as that. The bank sends demand letters, it tanks your credit score, and if you keep missing payments, they might take you to court. Not lekker.
Usage Examples
"Thandi missed two payments on her Edgars store card in Sandton. The account went into arrears for R2,400. A month later, Edgars sent a lawyer's letter saying they'd take action if she didn't pay within 10 days."
"Andile owed R1,800 in arrears on a Boodle short-term loan. He ignored the messages. Now there was a default on his credit file and Boodle started garnishee proceedings with his employer."
"Nomsa got behind on her Checkers account in Durban — she was three payments in arrears (R900 total). She called, arranged a payment plan, caught up within two months. Still stung her credit score though."