arrears_arrangement


The arrears_arrangement is the property of a loan that describes how the borrower and lender are dealing with the unpaid capital or interest payments indicated in the arrears_balance. The options include:

temporary

This indicates cases where the lender has made a temporary concession to the borrower to assist them with their payments of the arrears_balance. From MLAR:

agreement with the borrower whereby monthly payments are either suspended or less than they would be on a fully commercial basis

formal

This indicates that a formal arrangement has been agreed with the borrower to capitalise the loan with the view to decrease the arrears_balance with future payments.

none

No temporary or formal arrangement or contact has been made with the borrower to "solve" the balance outstanding in the arrears_balance.

possessed

Cases where the underlying collateral has been seized or taken into possession by the lender.

From MLAR:

In possession: cases should be included here where the property is F3.6/F4.6 taken in possession (through any method e.g. voluntary surrender, court order etc). For development loans in particular, cases should also be included where the appointment of a receiver and/or a manager has been made, or where the security is being enforced in other ways (which may or may not also involve the existence of arrears e.g. building finance case with interest roll up, no arrears, but a current valuation is less than the outstanding debt).

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