In Rent/Mortgage Arrears
If your rent is not paid, the money owed is called 'rent arrears'. Rent arrears are 'priority debts', which means the consequences of not dealing with them are serious - there is a risk of eviction.
A home buyer is said to be in arrears when he or she has missed a series of mortgage payments. When buyers are in arrears, lenders have the right to take legal action. The lender can legally decide to repossess the property and offer it on the market. The original buyer will still be responsible for the outstanding debt not covered by the potential resale.
For more information about rent and mortgage arrears, look in