However, BSP-supervised financial institutions are allowed to provide for a cure period policy on a credit product-specific basis within which clients may be allowed to catch up on a late payment without being considered as past due
, provided that the cure period policy is based on actual collection experience and reasonable judgment that support tolerance of occasional payment delays,' it said.
But the law states that debt collectors, which include any person other than the creditor that regularly collects debt owed to others, cannot under the Fair Debt Collection Practices Act (passed in 1978), harass, use false statements or unfair practices, to collect past due
In the second case, debt was issued with a stated interest rate of 8% and a 10% penalty rate of interest accrued on past due
The foreclosure numbers for prime fixed-rate loans will get worse, because those loans represented 54 percent of the quarterly increase in loans 90 days or more past due
but not yet in foreclosure.
Ask how they think of their credit and past due
A/R management function and most business people will respond with a negative.
Skip" Falgout III, Car-Mart's CEO, said the additional charge-offs occurred because the company reduced the percentage of accounts more than 30 days past due
and will continue to reduce that percentage through April 30.
Rent, he observed, is usually paid in advance and therefore would not be a "debt" of past due
It considers loans two or more payments past due
They are also questioning past due
real estate tax payments and other charges in order to avoid the additional lien certificate sale surcharges.