Collection of Late Fees

Collection of Late Fees. It is the policy of the VHPB to collect late fee charges when occurred, however, we understand that there are times when the customer, because of bankruptcy or other financial difficulties require the postponement of the payment of the late fee and the posting of the payment without the late fee. The acceptance of partial payment must be approved by the Servicing Department Supervisor or the Executive Director. When this occurs, the customer is to be contacted and arrangements are to be made to collect the past due late fees. Those customers who have accumulated large late fee balances due to bankruptcies or other financial difficulties will be contacted for a payment plan approved by the Servicing Department Supervisor of the Executive Director once it is determined that the customer has the ability to repay.