Changes to final service charge balances
Based on feedback from residents, we’re changing how you pay your annual service charge balance. In previous years we carried forward balances into the next financial year, but many of you have told us you would prefer to clear your balances sooner.
If you’re a L&Q homeowner and have a balance to pay for the 2019/20 final service charge, we’ll take the balance from your L&Q account in one transaction. This will be on or around 1 October 2020.
If it is a large amount, we don’t expect the balance to be settled immediately. Instead, you will be able to spread the payments over six months up to 31 March 2021. We will do this for you automatically if you pay your monthly charges to us by Direct Debit.
We have set out below how we will take payments for larger balances. If you pay your service charges by monthly Direct Debit, we will increase your payments from 1 October 2020 to settle your balancing charge according to the following schedule:
- Amount owed up to £75.00 – Direct Debit increased for 1 month
- Amount owed between £75.01 and £150.00 – Direct Debit increased for 2 months
- Amount owed between £150.01 and £225.00 – Direct Debit increased for 3 months
- Amount owed between £225.01 and £300.00 – Direct Debit increased for 4 months
- Amount owed between £300.01 and £375.00 – Direct Debit increased for 5 months
- Amount owed greater than £375.00 – Direct Debit increased for 6 months.
If you use a different method to pay your service charges, such as by standing order or internet banking, please make sure you update your payments to cover the outstanding charge.
Once you have received your statement, you can discuss payment options, or if you are concerned about clearing your balance by 31 March 2021, please contact us on 0300 456 9996 (option 2 followed by option 2).