When is an account in Arrears

drinkpinkhorse

Can somebody explain to me when an account is in arrears?

If I miss my monthly Direct Debit but pay it before next Direct Debit is due do I avoid getting a bad credit rating score.

Or do you get a miss payment credit rating when you miss your payment?

Confused?

Xavi6

I presume you mean a personal/home loan account?

An account is only in arrears once you have fallen a full repayment behind.

Even then you should be issued an arrears notice and you will have 10 days to make the payment.

(This is based on a non-Irish banking system so I'm open to correction)

chris85

drinkpinkhorse wrote: »

Can somebody explain to me when an account is in arrears?

If I miss my monthly Direct Debit but pay it before next Direct Debit is due do I avoid getting a bad credit rating score.

Or do you get a miss payment credit rating when you miss your payment?

Confused?

You are in arrears when a payment is a day late in the banks eyes. The missed payment will be marked on ICB if over 30 days overdue.

homer911

Arrears are usually defined as the amount demanded from the customer less the amount paid - if you pay 1c less, or pay a day late, you are technically in arrears

eimearcmh

homer911 wrote: »

Arrears are usually defined as the amount demanded from the customer less the amount paid - if you pay 1c less, or pay a day late, you are technically in arrears

True. Your are in arrears, even if your 1cent behind.