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Are partial payments considered 30 days late???

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Anonymous
Not applicable

Are partial payments considered 30 days late???

I forgot about my loan with Self Lender that I started back in May. It was my first account when I begin working on my credit. I have paid on time so far and as a way to train myself to pay bills on time I cancelled the auto pay and would manually initiate my payment every month. Well...5 loans, 4 credit cards, and 2 retail cards later...I forgot!!! The payment is $89 a month. I submitted a payment for $59 out of my bank on the 29th day and the remainder using a prepay card that was done on the same day but returned for being $0.45 short. (F.Y.I. My other money was already due to come out for other bills except for about $59 that was unaccounted for which is why I had to use a prepay debit card). Anyway, I wake up this morning, log into Self Lender and it says my payment is 33 days past due. I'm calling as soon as they open to hopefully clear it up but will it report as 30 days past due if it was partially paid on the 29th day late???
Message 1 of 9
8 REPLIES 8
Kree
Established Contributor

Re: Are partial payments considered 30 days late???

Will it?  don't know. Depends upon Self Lender.

 

Can it?  Yes.  You could be 1 cent short and they could report the 30 days past due.

Message 2 of 9
Anonymous
Not applicable

Re: Are partial payments considered 30 days late???

That is correct above.

The payment due is X. If you pay < X you aren't making the required payment. If people could avoid late payments this way, they'd just throw a few bucks at any payment due. I'd suggest contacting the lender, though, as they can often work with you and set it up so that < X does suffice for a cycle (or longer if negotiated) that way you wouldn't actually be late. Communication is huge here though, so definitely make a call to them.
Message 3 of 9
RobertEG
Legendary Contributor

Re: Are partial payments considered 30 days late???

You must pay the amount due within 29 days after the due date in order to avoid a 30-late.

 

The amount due for a revolving account is the minimum payment stated in the billing statement, and the amount due for an installment loan is the regular monthly installment amount.  Paying less than the amount due is not sufficient to avoid a late payment.

 

If the amount due is not received by the due date, it is late under your account agreement, and the creditor can assess whatever fees or penalties are permitted under your account agreement.

However, it does not become reportable to the CRAs as a 30-late until 30 days has expired past the due date.

 

Yes, if the full installment amount due was not received until 33 days after the payment due date, it is reportable to the CRA as a 30-late.

You can call them and explain the circumstances, and request their good-will in either not reporting, or if they have already reported, granting you a good-will deletion of the reported late.

I would avoid becoming confrontational, as it appears to be a legitimate 30-late, and you are seeking a favor......

Message 4 of 9
Anonymous
Not applicable

Re: Are partial payments considered 30 days late???

Thanks. I think I will try the good will approach
Message 5 of 9
CreditInspired
Community Leader
Super Contributor

Re: Are partial payments considered 30 days late???

OP

11 monthly payments, which do not include rent, utilities, cable and cell phone are a lot of bills to remember. IMHO, if I were you, I would seriously consider restarting autopay or at a minimum, schedule alerts for every single one of your bills.

I use autopay, bank alerts, and calendar alerts religiously. Paying on time is paramount because one little measly slip up can be catastrophic.

Hope the GW letter works and GL2U.

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Message 6 of 9
Anonymous
Not applicable

Re: Are partial payments considered 30 days late???

Agreed, I think the biggest lesson here is to turn autopay back on, not just for this account but all accounts including CCs (at least for minimum payment if you're carrying balance). All my bills are on autopay except for water/sewer (my township is behind in technology) and home owner's association fee which is on one of my checking account's auto monthly bill pay with a paper check.

 

Autopay is the best invention since sliced bread, take advantage of it.

Message 7 of 9
FlaDude
Established Contributor

Re: Are partial payments considered 30 days late???

At the very least use some kind of checklist. I have an Excel sheet where I enter each payment as I make it. Any holes stand out.

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Message 8 of 9
Anonymous
Not applicable

Re: Are partial payments considered 30 days late???

I am definitely going to try that FlaDude. Thanks.
Message 9 of 9
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