late charge

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Late charge

A fee a credit grantor charges a borrower for a late payment.

Late Charge

A fee that a creditor assesses on a debtor when the borrower makes a late payment. For example, suppose a student loan carries a monthly payment of $150 and is due on the last day of each month. If the borrower does not pay the full $150 on the due date (or within a certain grace period), the lender may assess a $15 late charge. Late charges may occur with loans or other liabilities, such as a rent payment.

late charge

A fee to compensate a lender for the additional administrative expenses and general inconvenience suffered when payments are not received on time.If the late charge is excessive,the courts will construe it as a penalty,and penalties are illegal. Many industries have had to reduce their customary late charges because of class-action litigation resulting in millions of dollars of refunds and reimbursement for attorneys' fees.

References in periodicals archive ?
100/-, late charges of Intermediate and BA is Rs 200, while late fee charges of postgraduate admissions is Rs.
Summary: ABU DHABI -- Late charges and fines will be levied on nationals who have not registered or renewed their ID cards by October 31 this year, while expatriates in different emirates face penalties in phases from December 1, the Emirates Identity Authority (EIDA) said on Wednesday.
30, and threatened to halt the water supply and enforce late charges for those who do not pay on time.
Late charges are something that everyone I know hates.
Each municipality has its peculiarities as to acceptable billing practices, late charges, and accrual of arrears.
According to Granholm, Level has charged -- and continues to charge -- some customers prices in excess of the price in the customers' contracts; has assessed late charges to the accounts of customers who disputed the excessive prices; and has charged some customers fees, penalties, and deposit amounts that were never agreed to by consumers or even disclosed in the contracts.
Challender apparently was billed for late charges accrued since 1900.
We didn't worry about the late charges because the main bill [the principal] was always paid," he says.
Throw in fees for insurance, late charges, and other submerged costs, and eventually customers pay three, four, or five times what they'd spend on the same item at a retail store.
Remember to pay at least the minimum amount on all accounts each month to avoid costly late charges and damage to your credit report.
They included skipping meals, facing eviction or late charges for failing to pay rent, having utilities disconnected for nonpayment and utilizing inadequate arrangements for child care.
This was primarily the result of the Court allowing late charges and penalties assessed by Siemens with which Management still disagrees.