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Is there a grace period for late payment?

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Wiki User
2005-10-07 02:09:41
2005-10-07 02:09:41

Maybe, it depends on the company.

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Yes Usually they allow a grace period for an arears payment, but they do not have to.

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A mortgage company usually has a set date that mortgages are due, i.e. the first of the month. Anytime payment is not received by the first it is considered late. However, most MC's have a grace period of 15 days; if it's not received in this time frame a late charge is assessed. If you mail the check on the 6th and it doesn't get to the company until the 17th you will be charged a late fee. The mortgage company must receive the payment before the grace period expires. So in essence NO they can't charge you if they receive the payment by closing time of the last day of the grace period. They CAN charge you if you make the payment after business hours, because it is not considered received until the next day, there is no one to process your payment if the business is closed.

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Short answer, yes. If your lender has a grace period and you exceed it, it can be reported. If your loan doesn't have a grace period, it can be reported as late once received as late. It's at the discretion of the creditor and their policies, which should be spelled out on your contract.

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What is the WA state monthly payment grace period for auto insurance?

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You'd need to check with the credit card company; they are all different. The grace period is some period of time in which you can pay the balance due without accruing interest charges. However, there's typically NO "grace period" on a payment. If you don't have a payment posted on time, you're almost always going to be charged a late payment fee, and often your card's interest rate will be jacked up to the "penalty rate" of 29%.

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a grace period is a period of time just after a deadline that will be forgiven..its like being forgiven,not penalized for being late..for example you need to make a payment on the 15 but will not get penalized for it unless it goes to the 19th ...well you have a 4 day grace period A GRACE PERIOD MEANS A LOT OF THINGS , FOR INSTANCE , " POST-PONEMENT GRANTED " HOPE THIS HELPS YOU

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It depends entirely on the company as to whether they report it or not. They can report any late payment, even if made during the grace period. If they don't report it, it will not affect your credit. If they do report it, it will show up in the credit reports.

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As long as your mortgage or other payment is received by the loan company within the grace period which is usually 15 days...it is paid on time and does not show a late payment on your credit report.

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No, You are late, the bank just gives you a 10 day grace period to make your payment. You should be happy that they offer you that and not complaining that they are harassing you.

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Normally there is a 15 day grace period that they give you before it is reflected as a late payment. They are the best when it comes to Loan Modification and Credit Repair.

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None ! It's up to the customer to read every part of the contract they're signing. If the company has made it clear in the contract what will happen if your payment is late, then you have no recourse for complaint.

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I would assume you are talking about the grace period?

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According to my agent, there used to be a ten day grace period from the policy payment due date to the receipt of payment. She said that was no longer the case. If payment is not received on the payment due date, you are considered un-insured. My auto debt form is in the mail!

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Maybe. Some insurance policies have a grace period. Therefore, depending on the circumstances you may be covered. You need to call your agent asap. Not if you are with Safe Auto. They dont care if you are 15 mins late with a payment. Most places have a grace period though.

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Legally and according to the agreement you signed, there may be a grace period that is clearly spelled out in your contract. After that window of time, they can immediately seize your automobile due to non payment. Often if the first payment is late, they will seize the automobile immediately.

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In most cases, not. Insurers usually give you a 5-10 window to make payment and be re-instated. However during that time period you have no insurance.

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If you don't pay off the card by the end of the grace period - you'll pay interest on the outstanding balance.

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It depends on your landlord's requirements. Some offer a "grace period" after the day rent is due. If you pay your rent late, they are usually allowed to charge a late fee.

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No, there is no grace period for expired tags in the state of Virginia. The DMV will add on a late fee to all expired tags.

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When the payment has not been made by the due date or within the grace period if there is one.

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Yes..that is true in any state. The late fee time is considered a grace period, which they do not have to do, and it has nothing to do with the actual "cures for delinquency".

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pa Late fee's accrue after 5-10 days... however, it is reported to the credit bureau if it is 30 days late. It depends upon the terms of the mortgage, many lenders allow a grace period before assessing delinquent penalties.

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The simple answer is yes they do BUT they will still place collection calls to you during that grace period. If you can handle the calls feel free to use the grace period because they cannot mark your credit report in a negative way as long as your payment posts on the last day of the grace period.


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