How does the Budget Payment Plan work?

The budget payment plan begins in September and runs to the end of June. Your estimated season's heating costs are divided into 10 equal payment monthly payments.

• Equalized payments to keep your budget on track!
• There is no interest billed to your account for for the term of the Plan.
• The outstanding balance as of June 30th must be paid by July 31st.

Will I receive a statement?

A statement will be sent showing both payments and deliveries for a specific period.

How does the pre-authorized payment plan work?

On the 15th day of every month from September to June, the equalized payment will be automatically deducted from your bank account. Should the 15th or last day of the month fall on a weekend or statutory holiday, the pre-authorized payment will be withdrawn on the next business day.

Can I cancel at any time?

Written notice is required to cancel the Budget Payment Plan with Island Petroleum Products Ltd. You can cancel at any time. However, you must give a minimum of five (5) business days notice in order to stop pre-authorized payments from being processed. If canceled, the account will be given 30 day payment terms and service charges will be applied accordingly.

Do I have to renew my budget plan each year?

No. We do all the work. We will notify you by August of your new budget payment for the upcoming budget year.

Do Budget Plan customers automatically become Automatic Delivery customers?

No. Budget Payment Plan customers are not automatically enrolled for automatic delivery service. They are separate services that our company provides, upon request.

How is the Budget Payment calculated?

Your budget payment is an estimate based on the previous year's consumption and projected oil prices. However, we may have to recommend an adjustment to your payment during the budget year to reflect extreme fluctuations in oil prices outside our estimate. You may, at any time, increase or make additional payments on your account to offset any fluctuations.

What is NOT included in the Budget Payment Plan?

Your budget payment is based your oil consumption only. It does not include the following:

• Heating Equipment finance payments
• Heating Service Plan annual billing
• All heating service invoices such as service calls, furnace cleanings, tank and/or heating equipment

How do I get started?

By contacting one of our offices, a representative from our company can work out a budget payment with you over the phone, in person, or by email.