PAYMENT PLANS

When we set up a payment plan we provide the owners with a Payment Plan Agreement that outlines all of the terms and conditions of the agreement. We also provide the owners with a Payment Plan Schedule that shows the current amount due and the estimated charges that will be added each month until the schedule reflects a zero balance. The schedule shows the owner the new monthly amount they have to pay to ASAP, and the additional collection charges and interest that will accrue on the account until paid in full. Some payment plans are set up for 6 months to a Year depending on the owners' ability to pay. However, in most cases the payment plans are 3 months or less.

When a payment plan is set up, the owner sends the new monthly amount due, which includes the current assessment and a portion of the delinquent balance. We basically just set up a new monthly payment amount for the owners to pay until the balance is brought current. This means that the Association receives a check from ASAP on a monthly basis and just applies it to the balance due. The bookkeepers love this service because they do not have to worry about whether or not an owner has paid, ASAP handles everything including late payments, missed payments, default notices and termination notices. If a payment plan is terminated, ASAP resumes the next step of collection.

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