CONSUMER PAYMENT AGREEMENT
1. DESCRIPTION OF ACCOUNT. The Creditor designated below ("we", "us",
"our") agrees to provide Consumer ("you", "your") with a credit account which
allows for flexible repayment of your account charges under the terms and
conditions stated below. You agree to pay for all Purchases, Services, Goods,
Finance Charges and Other Fees and/or Charges made and/or incurred on your
Credit Account as outlined below.
2. PAYMENTS. No offer shall be binding unless accepted and confirmed in
writing by the Creditor. Acceptance of partial payments by the Creditor will
not constitute an agreement or payment arrangement unless otherwise agreed
to and confirmed in writing by the Creditor.
SIGNEE AGREES TO PAY THE CREDITOR THE FOLLOWING AMOUNT AS OUTLINE IN THE
TERMS AND CONDITION OF THIS CONTRACT:
BALANCE: $ __________ AND AGREES TO MINIMUM WEEKLY PAYMENTS OF
$___________, WHICH SHALL COMMENCE ON THIS DATE: ____________, UNTIL PAID
MINIMUM BI-MONTHLY PAYMENTS OF $_______, TO COMMENCE ON THIS DATE:
____________, UNTIL PAID IN FULL.
MINIMUM MONTHLY PAYMENTS OF $__________, TO COMMENCE ON THIS DATE:
____________, UNTIL PAID IN FULL.
3. FINANCE CHARGES.
The Signee agrees to pay a Finance Charge for purchases of services and
goods on any part of the balance which remains unpaid beyond the GRACE PERIOD,
calculated from the date of first billing. The Grace Period is variable and
will range from a minimum of 28 DAYS to a maximum number of 55 days from
the date of purchase depending on the date of purchase in relation to the
close of the billing cycle for the month in which the purchase is made. You
do not pay a Finance Charge on unpaid Finance Charges. If you pay the
"Account Balance" in full within the Grace Period, we will not charge you
a Finance Charge.
The monthly periodic rate we use to calculate the Finance Charge is a
MONTHLY PERIODIC RATE of ___%. This results in an ANNUAL PERCENTAGE
RATE or "APR" equal to the rate of _____% (APR). ADJUSTED BALANCE METHOD.
We calculate the Finance Charge by applying the Monthly Periodic Rate
to the Financed Amount. We get the Financed Amount by taking the balance
owed at the end of the previous billing cycle and subtract any unpaid Finance
Charges and any payments and credits made on the account during the current
billing cycle. We will apply your payments and credits first to the
Finance Charge and any Return Check Fees, and second to the purchases of
goods and services in chronological order. Unless provided otherwise, if
you have a balance subject to
Finance Charge for billing, and the amount of such Finance Charge for
that billing, calculated as described above, is less than ___________ ($_____
), a Minimum Finance Charge of _________ ($______ ) will be charged for that
billing period, except where prohibited by law.
4. DEFAULT. You will be in default if you fail to pay the minimum payment
agreed to when due on two occasions within any 12 month period. We have the
right to declare your entire unpaid balance immediately due and payable in
full if you default on your payments. Except where prohibited or limited
by law, if your account is referred to an attorney (not our salaried employee)
and/or a collection agency for collection, you agree to pay for any and all
costs, charges and/or fees incurred in connection with the collection of
the debt plus any court filing fees and attorney fees. Furthermore, delinquent
accounts may be reported to the Credit Bureaus (Credit Reporting Agencies)
and by signing this agreement you consent to the release and reporting of
your personal and private information, your medical and financial information
and your identification, location and contact information.
5. ASSIGNABILITY. You agree that we may assign our rights under this
agreement. You may not assign your rights under this agreement without our
prior written consent.
6. MISCELLANEOUS. Except where prohibited by law, you agree to pay a RETURN
CHECK FEE in the amount of ____________________________($_____) plus applicable
State Sales Tax, for all checks returned, based on our expenses of
7. CHANGE OF TERMS. WE MAY CHANGE THE TERMS OF THIS AGREEMENT FROM TIME
TO TIME IN ACCORDANCE WITH APPLICABLE LAWS. WITH A CLEAR UNDERSTANDING OF
THIS OFFER, THE TERMS AND THE CONDITIONS OUTLINED ABOVE, THE PARTIES SIGNING
THIS AGREEMENT DO HEREBY ENTER INTO A LEGAL AND BINDING CONTRACT. FURTHERMORE,
IT IS AGREED, A COPY OF THIS AGREEMENT/CONTRACT SHALL BE AS EFFECTIVE AND
VALID AS THE ORIGINAL.
CONSUMER NAME PRINTED CONSUMER SIGNATURE
CREDITOR NAME PRINTED CREDITOR
Laws For Allowed Interest and Late Fees