What does arrear mean in electricity bill?

arrears
An account is said to be in arrears if the debt, liability, or obligation expected is overdue. If one or more payments have been missed in transactions where regular payments are contractually required, such as mortgage or rent payments and utility or telephone bills, the account is Inarrears.

What is the meaning of arrear fees?

As noted above, arrears generally refers to any amount that is overdue after the payment due date for accounts such as loans and mortgages. Simply put, it means your payment is late. Accounts can also be in arrears for things like car payments, utilities, and child support—any time you have a payment due that you miss.

What is net arrears in MSEB bill?

What is net arrears in electricity bill? – Quora. Overdue debt, liability or obligation. An account is said to be “in arrears” if one or more payments have been missed in transactions where regular payments are contractually required.

What does being in arrears mean?

When a payment is made after a transaction has completed, it’s said to be paid in arrears. Sometimes this is intentional due to the wording of a contract, and sometimes it’s unintentional when a client makes a late payment. The term ‘in arrears’ applies to both payments you make and receive.

Is it in arrear or in arrears?

Payment at the end of a period is referred to by the singular arrear, to distinguish from past due payments. For example, a housing tenant who is obliged to pay rent at the end of each month, is said to pay rent in arrear, while a tenant who has not paid rental due for 30 days is said to be one month in arrears.

What is gas bill arrears?

Billing in arrears simply means that you bill your customers after the job is complete. Instead of taking payment beforehand to cover expenses or other costs, you must wait until after the work is completed to get paid.

Is arrears and outstanding same?

When a payment is in arrears, such as payment on a utility bill or a payment to a supplier for goods or services, it means that there is a debt owed which is now considered overdue. Just because you’ve resumed making regular payments doesn’t mean there isn’t still an outstanding debt.

What are arrear papers?

arrear exam means of backlog paper exams or supplementary exams. during the course curriculum of semester wise or yearly exams if a students failed to clear any or more paper, the candidates need to appear in the supplementary exam to clear it.

What is the arrear amount in electricity bill?

What is the arrear amount in electricity bill? When the estimated debt, obligation, or duty is overdue, an account is considered to be in arrears.

What does arrears mean?

Arrears is a legal term for the part of a debt that is overdue after missing one or more required payments. The amount of the arrears is the amount accrued from the date on which the first missed payment was due. The term is usually used in relation with periodically recurring payments such as rent, bills, royalties, and child support.

What is late payment surcharge on arrear?

Late Payment Surcharge on Arrear, called Current component of late payment surcharge Let’s try to understand it with a typical example. 1. Fixed monthly bill of amount Rs. 1000/- 2. The late payment surcharge rate is 2\% and he didn’t pay the electricity bill for 7 months.