Procedure for member delinquent account repayment plan proposals
At regularly scheduled LISECC Board of Directors meetings, the Board will review and consider for approval delinquent account repayment plans submitted by members.
Delinquent account action by LISECC, including but not limited to water shut-off and placement of liens, will not be delayed or postponed until such time as the Board approves the member-submitted repayment plan. If a repayment plan is approved by the Board, late charges and interest will continue to be routinely assessed on the delinquent balance until paid in full.
If a repayment plan is approved by the Board and the member subsequently defaults on said plan routine delinquent account action, including but not limited to water shut-off and liens, will resume without delay.
Approval of a member’s repayment plan proposal by the LISECC Board is not a guarantee that future repayment plan requests by that member will be approved.
Repayment Plan Proposal Format
To ensure that the proposal will be placed on the Board Meeting agenda, all materials should be submitted to the LISECC Bookkeeper at least one week prior to the scheduled Board Meeting. Board Meetings are usually held on the 3rd Sunday of each month, but the scheduling is subject to change to accommodate Director’s schedules. A specific meeting date can be confirmed by checking the Lummi Island Scenic Estates website www.LISECC.com or calling the LISECC Bookkeeper at (360) 758-2699.
The proposal should include a detailed letter written by the member outlining the circumstances that created the delinquent balance as well as the member’s reasonable expectation of success if the plan is approved.
The proposal should include a detailed financial spread sheet reflecting the following:
- Current delinquent balance including all late charges, check fees, and accumulated interest.
- A “good faith” initial deposit.
- Proposed monthly payments to bring account current over a 12 to 24 month period.
Members that require assistance in data compilation and spread sheet preparation may contact the LISECC business office and request repayment plan preparation support from the LISECC Treasurer. Assistance from the LISECC Treasurer is available as a courtesy to members and should not be construed as a pre-approval of the proposal.
Effective 17 October 2010
Approved by the Board of Directors in regular session 17 October 2010, William Boulton, President.