arrears

9(in relation to a regulated mortgage contract) 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 repay where the loan does not have a regular repayment plan.