A late fee should only be charged if a written agreement outlines this possibility. Some states have a cap on how much can be charged for a late fee; check the state laws regarding the maximum that can be charged.
If there is no written agreement regarding late fees, there must be a notice provided to indicate that late fees may be charged; the notice must also outline those specific terms. If a late fee is charged to someone who knew nothing about that possibility, that person may not be legally responsible for paying the additional late charges. However, that person still is liable for the original balance due.Learn More
A loan agreement is a document that binds a borrower to a lender, whereby the borrower accepts to pay back the money in compliance with stated terms. The document is a compilation of various promises made by the involved parties. The agreement usually protects the lender, as it is a legal document that expects the borrower to adhere to the terms and conditions.Full Answer >
Fees for an inheritance loan vary based on the lender and a number of variables related to the estate. These variables include overall financial risk, projected worth of the estate's assets and the lender's estimation of how long the estate should take to close, explains Heir Advance Company.Full Answer >
The style of a late payment letter depends on how many letters the business has previously sent. A first notice is to the point, but is friendly and reminds the debtor that payment is late.Full Answer >
The Bureau of the Fiscal Service, a division of the U.S. Department of the Treasury, provides a monthly compounding interest calculator. This online calculator allows people to automatically determine the amount of monthly compounding interest owed on payments made after the payment due date.Full Answer >