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1.
A phrase used in London by teenagers, basically when things are going really bad, or if something's really annoyed someone, etc. Usually used like "good times" and "bad times" are.

The word "Peak" can also be used to describe something bad or shocking.
John: I lost my homework
Paul: Ha, peak times for you.

Alex: It seriously needs to stop snowing.
Jess: I know, it's peak.
by Alex_167 February 07, 2010