If you owe debt to Alpha Kappa Lambda Beta Psi chapter, it is your responsibility to clear the debt in a timely manner. Failure to do so may result in expulsion from he Fraternity and impact your credit report.
Please note the policy below.
As of April, 1, 2016, any Alpha Kappa Lambda Beta Psi member with past due debt to the fraternity will face severe consequences, including but not limited to referral of their account to a collection agency and expulsion from Alpha Kappa Lambda Fraternity.
You will be sent to the collection agency if all of the following four conditions are met:
- A balance delinquent by 120 days or more, (your account shows “Pending Charge Off” or “Charge Off” status on Omega Fi).
- Delinquent amount is $50 or greater.
- No recent payment of $100 or more have been made to the account showing an effort to reduce debt balance to the account.
- No written repayment agreement has been made with the Corporation Board.
Point #4 is important. If a member with financial challenges is working to reduce his debt, and makes a reasonable payment plan, the fraternity has the option to stop the collections and expulsion process. Many collection cases could be avoided by members trying to work with the Corporation Board to resolve the account.
If your account is sent to the collection agency, it will incur additional collections fees, and your credit report will be negatively effected for seven years. (Think about where you might be in your life in seven years and you are 28 or 29 years old). Bad credit can affect your ability to get a job, buy a car, house or engagement ring.
Those who are sent to collections will be automatically also brought up for expulsion from Alpha Kappa Lambda Fraternity.
Keep your account current, and if you do have problems with your bills, be proactive in reaching out the Corporation Board to resolve the problem.
The Chapter Treasurer is unable to make exceptions to the above policy. All payment plans for delinquent accounts must be agreed with the Corporation Board. You can reach your Corporate Board via: email@example.com or contact the board via the AKLBetaPsi.com website.
Please note, that once your debt is reported, the corporate board cannot reverse the negative impact to your credit report.
Please be aware that AKL Beta Psi Corporation Board will exhaust all avenues to collect on money owed. See here as an example of criminal prosecution being levied against a member who would not pay his debt.
This policy has been posted for your education and review.