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30 days late


shreveport
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Is there any hard and fast rule about what 30 days late really means? I always thought that if your payment was due on the first and it was paid by the 31st, 30th, 28th whatever that it was not considered 30 days late.

My assumption being that if you as ling as you paid Feb.?s payment before the March payment was due say on the 27th then you would not get a 30 day late.

Does the 30-day part mean anything or is it up to the lender to decide when to report you as late.

Thanks

Dan

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By wording, 30 days late means exactly that. A lot of companys have been found to report lates before they are in fact 30 days late, and have been ordered to correct them.

Simply put, it's 30 days from your due date. They may disagree, but that's what 30 days means, and you are fully justified in arguing the issue.

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I have been paying my mortgage the last business day of the month for a while now due to other issues.

Example: Payment due Jan. 1 was paid Jan. 31st. That is technically 30 days.

There have been times where I have missed the Jan. 1 payment and paid 2 payments on Feb. 28.

In case case, I would consider the Jan. payment 30 days late and the Feb. not 30 days late.

Would anybody be willing to make the argument that if your payment is due on the first and received by the creditor that same month even the 31st (or the last business day) then the payment is not 30 days late??

I understand that late charges apply of course.

Dan

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