Glossary - A



Arrears

Arrears is a legal term for a type of debt which is overdue after missing an expected payment. Arrears accrue from the date on which the first missed payment was due. The term is often used to describe being late with rent, bills, contractual payments, child support, or other legal financial obligation.



Assets

Assets are things you own that have a monetary value. Good everyday examples of assets will include your property, car, savings, antiques, valuable jewellery etc.



Attachment of earnings

If you are not repaying debts as agreed through the Court they can notify your employer to deduct a certain amount before paying your wages which will then be used to repay your debts. Under British law, a self-employed, unemployed, or member of the armed forces cannot have an attachment against them.