What happens if my cheque bounces?
Dishonoring a cheque is a criminal offence. Legal actions may be initiated against you and your credit profile could be seriously damaged. What is a default? Frequent prolonged delays and dishonored cheque are deemed to be defaults in repaying your loan. Most banks would expect you to turn in the asset on request, failing which they may seize your car, after serving you proper notice.
There will be an NSF fee of $30 charged to the account. What happens if I don’t pay on time? We always advise customers to pay on the 1st to avoid late fees and possible inconveniences. Property managers offer friendly reminders after the first couple of days. If no response is given and no payment is received by the tenth day late, the following actions are taken: On the 10th of the month, there is a late fee of $10 for rent of up to $99, and a $15 fee of rent over $100. The unit will also be over-locked with a company padlock, and access codes possibly suspended. The property manager will call the customer to inform them of the fee and lock, as well as send a letter. On the 20th of the month, there will be an additional late fee of $15 for rent up to $99, and a $20 of rent over $100. The property manager will send another letter, and continue to contact the customer by phone. On the 31st day of delinquency, a lien fee of $50 will be charged. The property manager will send another let
