No action is required on the part of our member to take advantage of the payment plan program.
Traditionally Billed Accounts
On June 15, any accrued past due balances will be automatically set up to bill in eight (8) equal monthly installments. The installments will appear on the monthly electric bill as a line item called “Payment Plan Amount”. Each month, the installment will be due along with the current electric bill charges. Portions of the installment or the current electric bill charges left unpaid after the due date will leave the account subject for disconnection.
As an example, if a $320.00 past due balance has accrued during this time, the monthly installment that will appear on the bill will be $40.00 ($320.00 past due / 8 monthly installments).
As an example, if a $320.00 past due balance has accrued during this time, the monthly installment that will appear on the bill will be $40.00 ($320.00 past due / 8 monthly installments).
Prepaid Accounts
On June 15, any amount owed on the prepaid account that is greater than $0.00 will be placed into a payment arrangement that can be repaid over time. Twenty-five percent (25%) of each payment made after June 15 will apply to the arrangement balance until the balance is satisfied. Seventy-five percent (75%) of each payment will continue to go toward current electric usage.Additionally, CEMC will restart our prepaid members who have been automatically enrolled in the payment plan program with -$20.00 credit deferral on June 15 to avoid an immediate disruption of service.
As an example, if a $120.00 balance has accrued during this time, then $120.00 + $20.00 credit deferral to avoid immediate disruption of service = $140.00 arrangement total. The $140.00 arrangement total would be gradually paid back via 25% of each payment moving forward.
As an example, if a $120.00 balance has accrued during this time, then $120.00 + $20.00 credit deferral to avoid immediate disruption of service = $140.00 arrangement total. The $140.00 arrangement total would be gradually paid back via 25% of each payment moving forward.
Key Points
Here are a few important items to know regarding the payment plan:
· Auto enrollment will occur on June 15th
· Past due balance as of June 15th will be equally divided over 8 monthly installments
· No interest applied during the 8-month repayment term
· Closed accounts will have the remaining balance owed applied to the final bill
· Auto enrollment will occur on June 15th
· Past due balance as of June 15th will be equally divided over 8 monthly installments
· No interest applied during the 8-month repayment term
· Closed accounts will have the remaining balance owed applied to the final bill