What are the penalties for late payments on storage units?

In this Flex TV episode, our storage expert explains the penalties for late payments on storage units. Discover the potential consequences and policies associated with late payments for storage units, such as common fines and late fees. Learn about repercussions for being behind on payments and explore tips to avoid such situations.

Today I got a question from Mo who wants to know what are the penalties for late payments on storage units? Well that’s a good question. Sometimes our income can fluctuate, maybe you’re afraid that it won’t be enough at some point and you won’t be able to pay in time and you want to know that your stuff is going to be kept safe and what’s going to happen if you actually miss payments. So Mo, it really depends on the company. Some companies won’t have a late fee at all, they will just continue calling and calling until you make the payment and bothering you until you settle it properly. Others might charge you a late fee. It could be 20 bucks, 50 bucks, or even more than that. So you’ll want to check that ahead of time so that you’re not surprised by a late fee if push comes to shove. For the most part, this really depends on the terms and conditions and the policy of the storage facility that you store at. Before you book a storage unit you usually have to click I agree to the terms and conditions. I know usually people don’t read those but if you want to know the small print you got to read it and make sure because you don’t want to be surprised with these charges. Now you have to take into consideration that if you’re actually late on payments for long enough, which also changes from place to place but usually around 90 days they will eventually give up on payments and take the contents of your storage unit and it becomes their own so they might auction it off sell it throw it out anything they want to do because it legally belongs to them now and not you so being late on your payments is generally not a good idea personally I would recommend if you know that you’re going to be late on payments or you’re going to have some sort of cash flow issue, the best idea is to call your rep from the storage facility, talk to them and see what can be done. Eventually they want their money, you want your stuff, they’re going to try to get an arrangement that works for both sides and is best for everyone. So it’s really a better idea to just talk instead of disappearing, that way you have a much better chance of maintaining your stuff.

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