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All billings/invoices not paid by the scheduled payment due date are subject to interest and miscellaneous fees. Invoice/Demand Letters will be issued for all increases to prior billed amounts. Fees will be assessed on this debt if not paid by the scheduled payment due date.
Interest will accrue on any outstanding balances that become delinquent after the scheduled payment due date has passed. It will assess from the date of the initial demand letter, accruing daily until balance is paid in full. The interest rate applied to the calendar quarter is stated in the Demand Letter. Interest is calculated as Days delinquent*/ 365 days X Interest Rate X Remaining Principal.
*Interest Days delinquent = date of initial demand letter to today’s date or from prior payment where fees were charged to today’s date*= date of initial demand letter to today’s date or from prior payment where fees were charged to today’s date.
Administrative Fees will accrue on any outstanding balances that becomes delinquent after the scheduled payment due date has passed. These fees accrue every thirty (30) days until balance is paid in full up to a maximum amount of $195.64.
Penalty will accrue on the 91st day of delinquency for the first ninety (90) days and will continue to accrue every thirty (30) days after on any outstanding balances. The interest rate for Penalty is set at 6%. Penalty is calculated as Days delinquent */ 365 days X 0.06 X Remaining Principal.
*Penalty Days delinquent = day after scheduled payment due date to today’s date or from prior payments where fees were charged to today’s date.