Common use of Deferred Payment Plan Clause in Contracts

Deferred Payment Plan. If you are unable to pay your bill you may qualify for a deferred payment plan, unless: • You have received more than two termination/disconnection notices during the past 12 months; or • You have taken service from NEC Co-op Energy for less than three months and you lack sufficient credit or a satisfactory payment history with your previous electric provider. This plan may require you to make an initial percentage payment of the outstanding balance to initiate the agreement, with the remaining balance paid in equal installments. If you have received a disconnection notice and expressed an inability to pay, any deferred payment plan will include an initial payment not to exceed 25% of the delinquent balance and will allow the remaining balance to be paid in equal installments over at least three billing cycles. A deferred payment plan may include a 5% penalty for late payment but does not include a finance charge. The Member or NEC Co-op Energy may initiate one renegotiation of the deferred payments plan if the member’s economic or financial circumstances change substantially during the time of the deferred payment plan. By entering into a deferred payment plan, NEC Co-op Energy may put a switch-hold on your account. A switch-hold means you will not be able to buy electricity form other companies until this past due amount is paid. The switch-hold will be removed after final payment of this past due amount is processed. While a switch-hold applies, if you are disconnected for not paying or if the terms of the deferred payment plan are not fulfilled, your electric service agreement with NEC Co-op Energy may be terminated or your electric service disconnected, whichever is applicable, after proper xxxxxx.Xxx will need to pay NEC Co-op Energy to get your electricity turned back on.

Deferred Payment Plan. If you are unable to pay your bill you may qualify for a deferred payment plan, unless: • You have received more than two termination/disconnection notices during the past 12 months; or • You have taken service from NEC Co-op Energy Retail for less than three months and you lack sufficient credit or a satisfactory payment history with your previous electric provider. This plan may require you to make an initial percentage payment of the outstanding balance to initiate the agreement, with the remaining balance paid in equal installments. If you have received a disconnection notice and expressed an inability to pay, any deferred payment plan will include an initial payment not to exceed 25% of the delinquent balance and will allow the remaining balance to be paid in equal installments over at least three billing cycles. A deferred payment plan may include a 5% penalty for late payment but does not include a finance charge. The Member or NEC Co-op Energy Retail may initiate one renegotiation of the deferred payments plan if the member’s economic or financial circumstances change substantially during the time of the deferred payment plan. By entering into a deferred payment plan, NEC Co-op Energy Retail may put a switch-hold on your account. A switch-hold means you will not be able to buy electricity form other companies until this past due amount is paid. The switch-hold will be removed after final payment of this past due amount is processed. While a switch-switch- hold applies, if you are disconnected for not paying or if the terms of the deferred payment plan are not fulfilled, your electric service agreement with NEC Co-op Energy Retail may be terminated or your electric service disconnected, whichever is applicable, after proper xxxxxx.Xxx will need to pay NEC Co-op Energy Retail to get your electricity turned back on.