Partial vs Full Late Fee
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Partial vs Full Late Fee (by DJ [VA]) Jun 22, 2019 11:35 AM
       Partial vs Full Late Fee (by gevans [SC]) Jun 22, 2019 1:12 PM
       Partial vs Full Late Fee (by S i d [MO]) Jun 22, 2019 1:27 PM
       Partial vs Full Late Fee (by DJ [VA]) Jun 22, 2019 1:38 PM
       Partial vs Full Late Fee (by DJ [VA]) Jun 22, 2019 1:38 PM
       Partial vs Full Late Fee (by Richard [MI]) Jun 22, 2019 2:31 PM
       Partial vs Full Late Fee (by elliot [RI]) Jun 22, 2019 3:40 PM
       Partial vs Full Late Fee (by DJ [VA]) Jun 22, 2019 8:42 PM
       Partial vs Full Late Fee (by BRAD 20,000 [IN]) Jun 23, 2019 12:48 AM
       Partial vs Full Late Fee (by Nicole [PA]) Jun 23, 2019 12:20 PM

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Partial vs Full Late Fee (by DJ [VA]) Posted on: Jun 22, 2019 11:35 AM
Message:

Rent is $120 / wk. Late fee is 10% = $12.

Cleaning fee due $35. (he acknowledged his fault)

Total due $155

Paid $120

All money received is applied first to any outstanding balance owed, then to the current rent.

Giving notice of non-payment.

Charge the whole $12, or $3.50 for only the amount missing?

--68.10.xxx.x




Partial vs Full Late Fee (by gevans [SC]) Posted on: Jun 22, 2019 1:12 PM
Message:

I'm not sure the right answer. But this is a good argument for not charging percentages.

Tenants need simple math. I use $10/day. Doesn't matter if they owe $1 or $1000, the late fee is $10/day.

One flat late fee pretty much gives them permission to pay even later, like the last day of the month. --69.80.xx.xxx




Partial vs Full Late Fee (by S i d [MO]) Posted on: Jun 22, 2019 1:27 PM
Message:

If the late fee is 10% of the balance outstanding, it would be $3.50. He's not worried about $3.50, and since there's not an additional fee added only daily that I'm aware of, he will pay whenever he feels like it.

I do as gevans does. Unless your state law mandates a percentage, a simple "$X the first day and $Y every 24 hours thereafter" is better.

I am transitioning all my leases over to $25 the 1st day late, then $5 each additional day. The reason I do a big hit the first day is I had too many tenants using the $5 late fee as a "float" for a day or two, then they'd not pay it and I'd have to hassle them. It got a little silly. I needed to hit them a little harder to make it convincing. So far, two tenants have paid it one time and have not been late since, and others on this plan have always been on time. Seems to be working.

My locals judges only award up to $150 if we end up in court, but other than that they don't care.

--173.20.xxx.xxx




Partial vs Full Late Fee (by DJ [VA]) Posted on: Jun 22, 2019 1:38 PM
Message:

Good points about a different fee structure. Today, the rental agreement spells out the amount as $12, (calculated at 10%). I do believe I'll change it for the future. --68.10.xxx.x




Partial vs Full Late Fee (by DJ [VA]) Posted on: Jun 22, 2019 1:38 PM
Message:

Good points about a different fee structure. Today, the rental agreement spells out the amount as $12, (calculated at 10%). I do believe I'll change it for the future. --68.10.xxx.x




Partial vs Full Late Fee (by Richard [MI]) Posted on: Jun 22, 2019 2:31 PM
Message:

If you do a partial fee you are opening the door to them fooling around and arguing with you. Hit them with the full fee. Explain that it is a fee And if they are one minute late the fee is due.

If you don't train them, they will train you! --71.10.xx.xxx




Partial vs Full Late Fee (by elliot [RI]) Posted on: Jun 22, 2019 3:40 PM
Message:

Check with your state's law on late fee..

We are allowed maximum 5%.. I used to charge 5% of the full rent (section 8 tenants). THe attorney told me, I can't charge like that.. so, YMMV --68.227.xxx.xxx




Partial vs Full Late Fee (by DJ [VA]) Posted on: Jun 22, 2019 8:42 PM
Message:

I gave notice including the full 12. Now, if only I could get him to communicate with me...... --68.10.xxx.x




Partial vs Full Late Fee (by BRAD 20,000 [IN]) Posted on: Jun 23, 2019 12:48 AM
Message:

DJ,

Whole fee.

Re-read your law. Does it say x% late fee or maximum of x% per month?

We charge $5 per day “to encourage promptness” as the state suggests.

We have been suggesting to our judge that $5 per day on $1000 rent is not “encouraging promptness” and needs to be higher.

I must mention: ZERO TOLERANCE on lates is more effective than any late fee. It works.

BRAD --73.102.xxx.xxx




Partial vs Full Late Fee (by Nicole [PA]) Posted on: Jun 23, 2019 12:20 PM
Message:

my magistrates only allow 10% - no daily fees.

To "encourage" timely payment why not charge whatever you want, realizing should you ever get to court the judge may deeply discount (or waive all) your late fees.

Not sure of how it is worded and I'm not pulling one out to look but on a mortgage, partial payments are held in "suspense" and not applied until a full payment is reached and then their 4$ or 5% or whatever it is applies to the entire payment. --72.70.xxx.xx



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