What happens to the late fee on the rent I am spreading?

That is your landlord’s setting and it is stated in the agreement you sign: waived while you keep to the plan, held and chargeable only if the plan defaults, or still applying to a missed installment. Whichever it is, Seayora’s rent engine honors it.

From the guide Payment Plans for Rent You Cannot Pay in Full.

If an installment is missed

  • The resident and the landlord are both told, once, per missed installment.
  • If enough are missed — the number is in the agreement — the plan defaults. The remaining installments stop being collected and the balance goes back onto the original rent charges.
  • Everything already paid under the plan is credited against that balance. Nobody is asked for the same money twice.
  • A default notice is issued to the resident with the arithmetic on it. It is not a notice to quit and it does not start any court process.

Read the whole guide: Payment Plans for Rent You Cannot Pay in Full

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