Payment Policy | AAA Locksmiths | Cairns

Debt Management

In an effort to curb outstanding invoices and reduce our debtors, AAA Locksmiths has made a decision to introduce a Debt Management Policy.

It should be noted that all customer circumstances will be evaluated on a merit basis and this policy outlines the maximum extent that we can take.

If a customer's circumstance warrants the reduction, this will be taken into account.

Interest Charges (IC) are applied to unpaid liabilities, such as when:

• an amount of an invoice, charge, levy or penalty is paid late or is unpaid
• there is an excessive shortfall in an incorrectly varied or estimated quote or ongoing payment plan instalment.

The IC rate is reviewed annually in line with the Consumer Price Index (CPI)
IC is calculated on a daily compounding basis on the amount outstanding.
Generally, the amount of IC applied is notified in a statement of account, a late payment notice, or IC notice. This occurs on a monthly basis (usually the 1st of the month)

Remission of IC on late payment of debts

You can ask that IC on a debt be remitted in part or in full if there are extenuating circumstances, such as:

• the circumstances that contributed to the delay in payment were not due to you (eg natural disasters, industrial action, the unforeseen collapse of a major debtor or the sudden ill health of key personnel) and you took reasonable action to reduce the delay
• the circumstances that contributed to the delay in payment were due to you, you took reasonable action to reduce the delay, and it is fair and reasonable to remit
• payment of the full amount of IC would result in serious financial hardship for you.

The current rate of Interest Charges (IC) is
Annual Rate - 7.89%
Daily Rate - 0.02155738%