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Are late fees removed from the balance when paid with a regular payment?
Wiki User
∙ 13y ago
Yes, for most loans.
For most loans, the late fee is added to the minimum payment required (and the balance at the time of incurring the late fee) and will be deducted from the balance once the payment is received.
Wiki User
∙ 13y ago
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Can a person pay a dollar a month on a credit card?
I suppose you could pay just a $1 a month but if your balance is high enough that your payment is more than $1 you will be charged fees. Your payment is determined by the agreement you subjected yourself to when you accepted the card. If you pay only a $1 a month you will probably incur late fees.
When you pay more than the minimum payment on a credit card how do you know it's going to the principal balance?
It is actually quite simple. Any amount that you pay that exceeds the finance charges and any fees included within that minimum payment goes toward the principal. In addition, 100% of the overpayment goes toward the principal balance. In other words, if you make just the minimum payment, a few bucks might go toward the principal balance. If you pay $20 above the minimum payment, all of that $20 plus a few bucks from the minimum payment go toward the principal balance. All of the overpayment goes toward principal. You can also look at the minimum payment calculation to determine how much of the minimum payment goes toward principal.
How do credit card balance transfer fees work?
Balance transfer fee guidelines have changed beginning in 2007 and into 2008. Most creditors still have either a 3 or 4% balance transfer fee with a minimum of $5. However, there is no longer a maximum charge on balance transfer among most credit card issuers. This means that a balance transfer on a $10,000 offer could cost you $300 or more as a balance transfer fee. Furthermore, this balance transfer fee is often added into the next month's payment. This could cause this payment to be $300 higher than what you were expecting, which could make it hard to make the required minimum payment. Of course, if you miss that minimum payment, expect to see your interest rates skyrocket!
Is Fees income a credit or debit balance?
credit
What party pays the fees associated with a stop payment check?
Unless previously agreed upon when the check was used as tender, the party who demands stop payment is responsible for all fees associated with the process.
Do interest free credit cards exist?
Yes, some credit cards offer 0% introductory rates. These may be limited to balance transfers only. Some such cards have higher annual fees, late payment fees, and the regular interest rate may be higher.
Whats the difference between an orange account and a regular savings account?
An orange account earns high interest, there are no fees attached and you do not need a minimum balance in your account. Most regular savings accounts have a minimum balance and really low interest rates.
Is there a consumer law allowing you to refuse to pay late fees if you pay off the original principal in one lump-sum payment?
No, if the payment is late...it's late and you have to pay the late fee regardless of how you pay the balance or principal.
Is not an appropriate circumstance for using a convinence check?
A convenience check should not be used to pay off high-interest debt or as a regular method of borrowing money. It is intended for occasional, small purchases when you don't have access to your regular payment methods. Using convenience checks for large amounts or if you do not have a plan to repay the balance promptly can lead to costly fees and interest.
Can a person pay a dollar a month on a credit card?
I suppose you could pay just a $1 a month but if your balance is high enough that your payment is more than $1 you will be charged fees. Your payment is determined by the agreement you subjected yourself to when you accepted the card. If you pay only a $1 a month you will probably incur late fees.
How would fees receivable appear on the balance sheet?
Fees receivable would appear on the balance sheet as an asset.
Are fees earned showed on a balance sheet?
No Fees Earned is Income Statement item it dont show on Balance sheet
Are late fees paid and then the regular charges?
When receiving payments, most lender agreements ("Terms and Conditions") specifically state that fees are the first to be paid from any payment unless there is a clause which allows the payer to dictates how the payment is to be applied to their account.Credit cards, personal loans and other unsecured installment loans always apply a payment to the fees first (for revolving credit, the late fee is always added to the computed minimum payment to be sure that the lender is appropriately compensated for risky actions made by the borrower).
Is Fees earned is decreased is it debited or credited?
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
When you pay more than the minimum payment on a credit card how do you know it's going to the principal balance?
It is actually quite simple. Any amount that you pay that exceeds the finance charges and any fees included within that minimum payment goes toward the principal. In addition, 100% of the overpayment goes toward the principal balance. In other words, if you make just the minimum payment, a few bucks might go toward the principal balance. If you pay $20 above the minimum payment, all of that $20 plus a few bucks from the minimum payment go toward the principal balance. All of the overpayment goes toward principal. You can also look at the minimum payment calculation to determine how much of the minimum payment goes toward principal.
Do late fees be used for repossession of a vehicle?
can you repossess a car for non payment of late fees even though the initial payment has been made in Colorado
How do credit card balance transfer fees work?
Balance transfer fee guidelines have changed beginning in 2007 and into 2008. Most creditors still have either a 3 or 4% balance transfer fee with a minimum of $5. However, there is no longer a maximum charge on balance transfer among most credit card issuers. This means that a balance transfer on a $10,000 offer could cost you $300 or more as a balance transfer fee. Furthermore, this balance transfer fee is often added into the next month's payment. This could cause this payment to be $300 higher than what you were expecting, which could make it hard to make the required minimum payment. Of course, if you miss that minimum payment, expect to see your interest rates skyrocket!
