(payment options are also given on the reverse side of the monthly levy statements)
In terms of a resolution taken by the Trustees for bodies corporate levies are normally due by the 1st of each month in advance. Prompt and consistent levy payments by all owners, is a critical success factor for any complex.
A grace period of 7 days is normally given to owners before interest is being charged on arrear levies (again this is determined by the Trustees). This means that the payment must reflect on the complex’s bank account on or before the 7th of the month – If a payment is made from another bank to Standard Bank (where our Trust account is held) remember that it will take a couple of days to reflect in the Standard Bank account.
Interest will be compounded monthly on all amounts outstanding on the 1st of the month. (Should interest be applicable due to late payment then interest will be back-dated on the owners levy account effective from the 1st of the month until the date of the payment received)
Interest is shown in arrears on the levy statements – two months in arrears – i.e. the interest calculated for November will only show on the January statement.
An important focus area for Trafalgar’s service delivery will be promoting prompt levy payments and applying effective credit control to expedite the payment of arrear levies.
Trafalgar is fully registered with the Council for Debt Collectors as prescribed by the Debt Collector’s Act (registration number CK89/03678/07). Please note that late payments will incur interest and prescribed debt collections charges for late levy payments after the 7th day of the month, you may also be listed at TPN. Owners applying to make a special arrangement to pay their levies late should notify our offices in writing for approval from the Trustees / Directors.
You must remember that your levy does not include the rates and refuse for your property. You should contact your local Council in this regard. You should also make sure how the electricity and water consumption for your unit must be paid.