arrears

(in relation to a regulated mortgage contract or a home purchase plan ) either:

1. (a) a shortfall (equivalent to two or more regular payments) in the accumulated total payments actually made by the customer measured against the accumulated total amount of payments due to be received from the customer; or
1. (b) remaining in breach, for more than one month, of an agreed borrowing limit or of an obligation to pay or repay where the loan or home purchase plan does not have a regular payment or repayment plan.