Interest charge and recovery fee 107-05100000
Expand allThis document outlines information about imposing penalties.
Interest Charge
From 1 January 2017, the Interest Charge (IC) applies to former customers who have had a debt, and:
- have the financial capacity to repay the debt
- do not enter into and make the agreed payments under an acceptable repayment arrangement by the due date
- are not honouring a payment arrangement
Penalty interest charge
The following information is historical only.
From 4 December 1999, penalty interest cannot be added to new debts.
Late payment charge and interest under the Student Assistance Act
Late payment charge and interest under the Student Assistance Act 1973 are no longer applied. Existing cases of late payment charges and interest can be manually reduced, adjusted or ceased. See the References page for historical information.
Administrative Charge
The Administrative Charge applies to debts raised between 1 September 1987 and 1 April 1994.
See the References page for historical information
Contents
Interest Charge (IC) for Centrelink debtors no longer receiving payments
Recovery Fee applied to debts resulting from incorrect declaration of income
Late payment charge and interest under the Student Assistance Act 1973
Viewing and updating Interest Charge (IC) via Financial Customer Care in Customer First