Average Monthly Payment (AMP) Plan Details
The AMP plan significantly moderates the monthly bill variation while avoiding the
potential of accumulating a large settlement balance, or credit, at the anniversary
month. Please note that this is not an equal monthly payment plan.
The monthly payment on the AMP Plan is based on the average of the current month's
bill, plus the previous 11 months' bills. Each month, the oldest bill is removed
from the computation, and the new current bill is included. As a result, the payment
amount will fluctuate slightly from month to month.
The difference between
actual billings and the average billings will be carried in a deferred balance that
will accumulate both debit and credit differences for the duration of the AMP Plan
year (12 consecutive months).
- At the anniversary month, the deferred balance is divided by 12, and this one-twelfth
amount is added to (or subtracted from) the average payment amount for the next
12 months.
- Settlement occurs only when participation in the plan is terminated. The AMP Plan
is not to be used to defer payment of delinquent bills.
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