Arrears are late payments. If you have not been paying your bills on time, you are classified as being ‘in arrears’. While arrears on unsecured debt may not be recorded instantly on your CRAA report, arrears on Mortgage Payments will be apparent from your monthly loan statements.

If you attempt to refinance your mortgage while being in arrears, you will find that traditional lenders will not wish to take up your mortgage. It is therefore important that you clear up all arrears before seeking new loans or loan re-finance. This will not apply to Debt Consolidation Loans.

Debt Consolidation is especially the answer for those who are in arrears and are finding it difficult to meet their loan obligations as they fall due.