Meaning of the word: Interest on arrears
Interest on arrears is charged to the debtor in case that he doesn't pay his loan in time. It is not a classic sanction, but it is the refund money. At the same time it works as the enforcement agent of the creditor. Interests on late payments are usually higher than classic loans.back to dictionary >
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A promissory note is a financial instrument, in which one party, represented for example by the producer promises in writing to pay a determinate sum…go to the dictionary >
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