Thread Starter: Anonymous
Title: Re: Late Fee
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I understand pyramiding from the federal regulation perspective, but I cannot wrap my head around the state laws that state: "No such delinquency charge may be collected on an installment or other regular payment that is paid in full within ten days after its scheduled due date even though an earlier maturing installment, other payment, or delinquency charge on an earlier installment or other payment may not have been paid in full. For purposes of determining delinquency, payments are deemed to be applied first to current installments or other payments due and then to delinquent installments or other payments and then to delinquent and other charges."
Can someone break this down for me?
If the payment goes over 30 days past due, is it considered to be current for the next months payments? Example (assume 30 day months):
#1
Due date is 10/25/2020
Late fee on 11/05/2020
Payment on 11/30/2020
Due date is now 11/25/2020
Late fee on 12/05/2020
Payment on 12/11/2020
Due date is now 12/25/2020
Late fee on 1/5/2021
#2
Due date is 10/25/2020
Late fee on 11/05/2020
Payment on 11/24/2020
Due date is now 11/25/2020
Late fee on 12/05/2020
Payment on 12/24/2020
Due date is now 12/25/2020
Late fee on 1/24/2021
#3
Due date is 10/25/2020
Late fee on 11/05/2020
Payment on 11/15/2020
Due date is now 11/25/2020
Late fee on 12/05/2020
Payment on 12/15/2020
Due date is now 12/25/2020
Late fee on 1/15/2021
#4
Due date is 10/25/2020
Late fee on 11/05/2020
Payment on 11/30/2020
Due date is now 11/25/2020
Payment on 12/5/2020
Due date is now 12/25/2020
Late fee on 1/15/2021
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