Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
because if not, the incentive for being ontime with the 'full' payment would decrease.
my math is right
my contract says 10% penalty of the whole amount.
if you have a 2k mortgage, and pay 1500 now and 500 is late, the bank still charges the late payment because the "full" payment is late/not received. i'm pretty sure that's how it works......anyone know better?
regardless, that's what i made sure my contract says
The late payment and accruing interest are two different things. I think a court would look at your contract as:
10% penalty of ($150) + 5 bucks a day so $50 bucks
The 10% is a late fee. The $5 per day is interest. But that "interest" is probably into what your state catagorizes as "usurious" so it would probably get tossed out.
I do hope you had an attorney review this "contract" that you wrote up, because it doesn't sound particularly enforceable.
The late payment and accruing interest are two different things. I think a court would look at your contract as:
10% penalty of ($150) + 5 bucks a day so $50 bucks
The 10% is a late fee. The $5 per day is interest. But that "interest" is probably into what your state catagorizes as "usurious" so it would probably get tossed out.
I do hope you had an attorney review this "contract" that you wrote up, because it doesn't sound particularly enforceable.
what are you talking about? did you even read what i wrote?
what are you talking about? did you even read what i wrote?
This is what you wrote:
Quote:
so, today, i sent them an email stating thatt he balance is 500 (remainder) + 10% penalty of ($150) + 5 bucks a day so $50 bucks (per our written contract).
Tacking the $5 a day on top of the 10% penalty quite possibly falls into usary under your state laws. That's what I'm talking about. Generally speaking with a rent contract you can either get a daily late fee or a one time late fee, but not both. Again, did you have an attorney review your "contract"?
Tacking the $5 a day on top of the 10% penalty quite possibly falls into usary under your state laws. That's what I'm talking about. Generally speaking with a rent contract you can either get a daily late fee or a one time late fee, but not both. Again, did you have an attorney review your "contract"?
I didn't contact them over the weekend. i read the note that they sent me and it said "...we will send the rest along with the late fees 'no later than the 26th'" which sounded to me like they will 'send it no later than the 26th'....which was a saturday.
so, i figured i'd give them until today cause of the holiday and all and that sunday the usps is closed.
so, today, there is no mail! i don't know if the mailman just didn't come or whether there is just no mail. lol kinda silly. we always have 'something' in the mail.
So i'm thinking that i will give them a call today after work but will not be mean (just yet). i'll give them the benefit of the doubt that the check is in route....
If the sent it on the 26th it takes about 5 days to get to you. You don't need to be mean. Just be cold and factual. "If you do not pay by (x) date eviction proceedings will begin that day." You could also mention the cost of what it would be plus the fact they will have to pay the court costs and have problems renting in the future.
If the sent it on the 26th it takes about 5 days to get to you. You don't need to be mean. Just be cold and factual. "If you do not pay by (x) date eviction proceedings will begin that day." You could also mention the cost of what it would be plus the fact they will have to pay the court costs and have problems renting in the future.
i agree with you in your approach. i think it's the right way of doing it.
however, i don't think it would take about 5 days to get to me since we live about 3 minutes driving distance away.
i agree with you in your approach. i think it's the right way of doing it.
however, i don't think it would take about 5 days to get to me since we live about 3 minutes driving distance away.
Honestly I think you are getting walked on. Why would they send it the mail if you are so close? I would just tell them you are sorry but you gave them enough time and you are evicting them. If they pay the back rent and court costs maybe you'll think about letting them stay. But if it were me I would just evict. A couple of days from now theyll be behind even more.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
