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late fees on utilities? 4% - 9/8/2009 2:35:39 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		I was surprised to learn the late fee on my water bill is 4% a month.  The bill and the website do not say what the fee is or even that there is a fee.

So this got me thinking.   What is going on with late fees?    What are the ins and outs?

If I know what is what I can juggle it.   How about a minimum late fee?

4% a month late fee.   That is 48% a year- which in some cases- it might be to my advantage to pay the water before the mortgage.

Do you watch the late fees?    Due dates?

??
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RE: late fees on utilities? 4% - 9/8/2009 5:21:44 PM   
LookieNoNookie


Posts: 12216
Joined: 8/9/2008
Status: offline
quote:

ORIGINAL: pahunkboy

I was surprised to learn the late fee on my water bill is 4% a month.  The bill and the website do not say what the fee is or even that there is a fee.

So this got me thinking.   What is going on with late fees?    What are the ins and outs?

If I know what is what I can juggle it.   How about a minimum late fee?

4% a month late fee.   That is 48% a year- which in some cases- it might be to my advantage to pay the water before the mortgage.

Do you watch the late fees?    Due dates?

??



#1)  Late fees are (always) negotiable...no matter how large the entity is.

#2)  Pay your bills on time....avoid the issue.

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RE: late fees on utilities? 4% - 9/8/2009 6:38:26 PM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		Stop investing in silver. You will have more money to pay the bills.

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RE: late fees on utilities? 4% - 9/8/2009 6:43:17 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: servantforuse

Stop investing in silver. You will have more money to pay the bills.


LOL.

Actually that is part of the reason.    At least it is up.  (60+%)

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RE: late fees on utilities? 4% - 9/8/2009 7:19:18 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		Actually, 4% per month, compounded monthly is 60%.  (1+.04)^12 = 1.6

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RE: late fees on utilities? 4% - 9/9/2009 10:57:50 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: DarkSteven

Actually, 4% per month, compounded monthly is 60%.  (1+.04)^12 = 1.6


I only am off by a month. I used to pay the full 4 months right away.   But $70 a month hurts right now.

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RE: late fees on utilities? 4% - 9/9/2009 1:17:09 PM   
LaTigresse


Posts: 26123
Joined: 1/15/2006
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quote:

ORIGINAL: servantforuse

Stop investing in silver. You will have more money to pay the bills.


I can only echo this.


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RE: late fees on utilities? 4% - 9/9/2009 1:48:10 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: LaTigresse

quote:

ORIGINAL: servantforuse

Stop investing in silver. You will have more money to pay the bills.


I can only echo this.



LAT, the issue is that the billing and the website does not list what the late fees are.  In this case 4%.  That seem higher then other utility late fees.

Funny you mention to stop buying silver.  I am waiting for a download so as to to clear my browser so as to make a purchase...and maybe I should not....  but the price is right.  Also- after reviewing todays newsletter- I can see time is limited on prices this low.

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RE: late fees on utilities? 4% - 9/9/2009 1:51:11 PM   
IrishMist


Posts: 7480
Joined: 11/17/2005
Status: offline
quote:

Do you watch the late fees? Due dates?

LOL ummm...yea.

The due date is important lol. It means...well...that the bill is due by that date or you have to pay a penalty...which is a late fee.

If you pay the bill on time, you pay no penalty. It's really quite simple.

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RE: late fees on utilities? 4% - 9/9/2009 1:55:32 PM   
subtlebutterfly


Posts: 2230
Joined: 6/15/2008
From: Not your hood
Status: offline 		You are off by 30 days dude, it's not like "just over". Pay your bills on time. The late fees are high so people will pay their bills on time.


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RE: late fees on utilities? 4% - 9/9/2009 1:59:51 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		It must be nice to live in a world where money is no object.  That one can always pay every bill on time.  Man- that must be nice.

Youns never had to choose between paying one bill or another?

But then youns probably were never homeless either.

Late fees should be clearly denoted.

"pay the bill on time".    duh.   That is not always possible.   If it is for you- great.  But for many- it is check to check.

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RE: late fees on utilities? 4% - 9/9/2009 2:09:58 PM   
purepleasure


Posts: 6941
Joined: 4/9/2004
From: Lehigh Valley, PA
Status: offline 		if I have to choose between paying a bill on time, or investing the bill money on speculation....

I pay my bill

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RE: late fees on utilities? 4% - 9/9/2009 2:11:50 PM   
subtlebutterfly


Posts: 2230
Joined: 6/15/2008
From: Not your hood
Status: offline 		You have no idea what my financial situation is so don't put words in my mouth.
You have an internet connection don't you.
If every company would put their late fees out there in the open people would take advantage of it.."meh it's just # amount late fee per month it doesn't matter though I'm a couple of months late."
Sure some people have hard times but there're others who take advantage of it. What are companies going to do? Usually the majority of the customers pay their bills on time. If the late fee wouldn't hurt people simply would not. Late fees are supposed to hurt.
It's a matter of priorities. If I couldn't afford the waterbill I most likely wouldn't be spending time changing my money into silver and the internet connection would be one of the first things to go.


< Message edited by subtlebutterfly -- 9/9/2009 2:23:30 PM >

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RE: late fees on utilities? 4% - 9/9/2009 2:15:00 PM   
KYsissy


Posts: 781
Joined: 5/12/2005
Status: offline 		Yeah I watch late fees and due dates religiously. 

If I'm late, suck it up and pay it.  You can piss and moan all you want but I promise you their lawyers are better than yours and at some point you signed something and agreed to it.

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RE: late fees on utilities? 4% - 9/9/2009 2:18:26 PM   
hlen5


Posts: 5890
Joined: 3/2/2008
Status: offline 		They are telling you what the late fee is, 4%.   If your bill is $70, then your late fee is $2.80. If the bill is $100. then you pay $4.

I think keeping the lights on, the roof over your head and dinner on the table should take priority over investing. If there's not enough money for bills, there's not enough for investing. 

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RE: late fees on utilities? 4% - 9/9/2009 2:39:35 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		...I deleted the TV and the cell phone.  Both of which runs higher then the $14.99 the web costs.  ($63 and $42)

Now I know what the fee is. As it turns out they do take part payment.  I did not know that either.

The water- sewer and flood wall all get billed together.  The sewer portion of it is actually the highest part of it.

If things get tighter I could go to the $3.95 a month service.

Prior to 1965  this would not be an issue.  Back then money WAS silver.   Today it is fiat.   I don't think the electric or gas is 4%.  I think they are like 2%.

I actually live pretty well.  Better then alot of people.   But that is beside the point.   Now I know- that the fee is 4% and can plan accordingly.    When I rented for 14 years the water was always included.  Now I own. So now I know.

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RE: late fees on utilities? 4% - 9/9/2009 2:52:29 PM   
Aylee


Posts: 24103
Joined: 10/14/2007
Status: offline
quote:

ORIGINAL: hlen5

They are telling you what the late fee is, 4%.   If your bill is $70, then your late fee is $2.80. If the bill is $100. then you pay $4.

I think keeping the lights on, the roof over your head and dinner on the table should take priority over investing. If there's not enough money for bills, there's not enough for investing. 


Oh!  Can you NOT just STOP being rational?  Sheesh! 

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RE: late fees on utilities? 4% - 9/9/2009 3:17:43 PM   
barelynangel


Posts: 6233
Status: offline 		Chuckles, well most gamblers addicts (which is what you are doing when you invest based on trading) always have a reason for not paying their bills on time.  They always think their last dollar will bring them two more.

I am sorry but you seems to be indicating you may have money problems yet you seem to have enough to gamble with but not pay your bills with at the time they are due.  That to me is when you start saying --- hi my name is _______ -- and i am a gambler.

If you trade on the market with the last of your money ithat should go to bills in a desperate attempt to believe you will make more money on this than you would on paying the bills, its called gambling no matter how "cool" trading sounds or investing sounds.  

Sorry but your posts don't indicate you don't have the money as you responded to subtlebutterfly indicating must be nice to live in a world where money is no object etc -- your posts indicate you would rather bet the races --- erm play the markey with the money you do have and choose to pay a late fee on bills. 


Just out of curiosity, you do realize if you pay the bill on time you can take the money you are PLANNING for the late fee and use it to invest and perhaps MAKE money off that late fee, instead of paying a fee that is simply because you chose not to pay for something on time.  You are wasting/losing money by choosing and planning to pay a late fee with no outlook whatsoever of making money on it, instead of paying the bill and investing the late fee you would have had to pay wherein there is a chance you make money and you don't lose it to some silly fine that you have nothing to show for other than a late bill.

angel

< Message edited by barelynangel -- 9/9/2009 3:23:38 PM >

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RE: late fees on utilities? 4% - 9/9/2009 3:58:49 PM   
KYsissy


Posts: 781
Joined: 5/12/2005
Status: offline
quote:


Prior to 1965 this would not be an issue. Back then money WAS silver.


My dad tells a story of a guy in his office in 1964 who kept telling everyone to go to the bank and get all the rolled coin they could afford.  Everyone thought he was a whack job but time and events proved him right.

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RE: late fees on utilities? 4% - 9/9/2009 4:44:29 PM   
sophia37


Posts: 1433
Joined: 2/7/2006
Status: offline 		even copper pennies gained in value. They cost more than a penny to make. So now, no more copper penny. Copper colored yes. Copper itself, not so much. Unfortunately people have even traded in their historical gold coins because the value of the history was worth less than the metal. So sad. 

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