Posted by Blane (MI) on February 03, 2001 at 19:02:56:
I charge $25 plus $3/day late fees on any delinquent interest and/or principal until it’s paid in full. Buyers know when the payment is due, and if it’s late, it’s their problem. If it gets quite large, whose fault is that?
I cut someone slack once, they tried to slide again, so had to put the hammer down. Fixed the problem. Plus, any late fees/charges are a nice kick to your yield. Why give it up? Some may handle it differently, but I don’t give it up unless absolutely necessary. My purchase agreement AND promissory are very clear about the charges. Hope this helps.