The $42,000 in aid they were eligible to receive from Hardest Hit could have paid off their past due payments in full, with around $6,000 remaining for monthly payments that would have stretched four months.
But the Hardest-Hit Fund has a limit of $18,000 on past due payments, which made it impossible for the family to get current on what they already owed.
And small business invoices go unpaid for 55 to 60 days, on average, with past due payments increasing.
They're currently mired in legal hell with the American Federation of Musicians and Employers' Pension Fund as they struggle to settle past due payments.
To increase a borrower's chance of making required payments, lenders can do things like lowering interest rates on the loans, waiving past-due payments and fees, and extending the periods in which low teaser rates apply to loans.
Ms. Philemond, a receptionist, and her husband, who owns a sign business, have made several payments to try to catch up on past-due payments, but they are still thousands of dollars behind.
The rate of new foreclosures and past-due payments surged to their highest level since 1979, when the group first started collecting the data.
Your contracts and invoices likely include language saying that past-due payments will accrue interest at some rate.
Late fees for past due royalty payments shall accrue from the due date for payment until payment is received by the mechanical licensing collective.
BUSINESS DAY, PAGE C1 Past Due on Oil Payments Energy companies fell nearly $500 million behind last year on royalties the government says it was owed for oil and gas.
Another 7% of homeowners with a mortgage were at least one month past due on their payments, up from 5.6% a year earlier.
