What happens if I stop paying or pay late more than three times?
Due to the effect that late payments have on the Club and its other members, Savings Club has a very strict late payment policy. If a member makes 3 late payments (consecutive or not), or stops paying altogether, the member will be removed from the Club. When a member is removed from the Club, the full Administration Fee becomes due immediately. If the member has not made enough payments to the Club to cover the full Administration Fee, then the remaining amount will be reported to collections. If the member has made enough payments to the Club to cover the Administration Fee, the fee will be deducted from the amount and any additional credit will be returned to the member only at the end of the Club’s set term (typically seven years from the start date).
If you are unable to continue paying or would like to leave a Club, please call us to see what options are available to you.