The is the Payment Policy from Qumbya Housing Co-op (Chicago, IL) as of 2013. This policy was created in 2008 out of a response to series of siginificant member debt losses. The policy is relatively strict by co-op standards. It does allow for payment plans, which may be up to 2 months in duration, and must be approved before a debt is accrued, not after. The wisdom gained from the series of losses which we attempted to base this polic on are:
* If a member gets more than 2 months behind on rent, they are very unlikely to ever catch up.