How is early cancellation billed with SimplePay

What happens if you cancel your agreement early when financing a device using SimplePay.

If a customer chooses to cancel their service early, the device repayment amount is calculated similar to the Early Cancellation Fee charged with subsidized contracts. The full purchase price of the device will be divided by 24 months to determine the monthly device repayment amount. If the device costs $1,500 outright, their monthly device repayment amount will be $62.50 per month. If the customer received a device discount, any unused portion of the discount will be charged on their invoice when the device repayment amount is charged. They will be required to repay any remaining unused device discount offered.

Using the same example of a $1,500 device which is discounted by $300:

  • Total amount financed: $1,500 - $300 = $1,200
  • Monthly device repayment amount: $1,200 / 24 months = $50/month
  • Early cancellation fee: $300 / 24 months = $12.50/month
  • Total cancellation fee: $50 + $12.50 = $62.50/month remaining

Glad we could be helpful. Thanks for the feedback.

Sorry we couldn't be helpful. Your feedback will help us improve this article.

How helpful was this page?

Updated on Thu, 25 Aug 2022 by Sean Otway

Rendered by:WWW-C01-PRD-01.