Post a new topic
    7 Replies Latest reply on Sep 11, 2009 2:53 PM by amspcs

    Interset Rate Change Billings

    telstarr Newbie
      When a customers invoice is past due and becomes deliquent can I change the rate from 18% to 29.99% same as credit card companies do with a thirth day notice?
        • Re: Interset Rate Change Billings
          ontiversmo Wayfarer
          If that language exists in your agreement with your client, yes no problem. If it's not in your agreement you may have a difficult time fighting that additional finance charge. Keep it to the 18% and fight them in court.

          How much is the invoice for? Small claims jurisdiction in your area? Just how delinquent is it?

          In my line of work we deal with slow paying clients all the time. Feel free to contact me for tips and tricks to secure on time payments.

          If you have a lot of receivables that are slow to pay, you may consider factoring your invoice. You get paid today for the invoice you billed yesterday.

          Regards,
          Steve Ontiveros
          Resource Business Partners, Inc.
          wefactor.com
          1 of 1 people found this helpful
          • Re: Interset Rate Change Billings
            LUCKIEST Guide
            Interest Rate Change Billings

            Who are you?? Talk to your lawyer
            <!--Session data-->
            <!--Session data-->
              • Re: Interset Rate Change Billings
                telstarr Newbie
                I have talked to lawyers and thay all have different answeres, they cannot even agree on the statue of limitations reguarding debt collections. I don't know who to listen to anymore.

                Lawyers tell me that they wont take a case unless it is over two thousand dollars. Others tell me to take them to small claimes court. Hey, I can buy the parts and tools to repair my car and even get a manual with five hundred pages that does not make a reasonable person compant to do the work. Their must be a better way to get leagal work done!
                Do you mean to say that if someone chooses to not pay a bill all they have to do is hide from a creditor for the duration of the statute of limitations and the goverment absolves their debt?

                I can not find any state of Federal law that absolves debt. Can you shed some light Please!

                Thank you, Telstarr
                  • Re: Interset Rate Change Billings
                    ontiversmo Wayfarer

                    I don't think anyone means to say that a dead beat bill payor has a free ride, and all they need to do is wait out the statute of limitations. Far from that in fact. You are the creditor, and you are in control. You dictate the behavior of the debtor by how you handle the situation. You won't get as far as the statute of limitations if YOU act. If you don't act, then... yes... the guy can get off scott free. If after the statute of limitations expires and you attempt to collect, one could reasonably ask "what took you so long to act" - you must not have really valued the work you did, or didn't need the money if you waited so long.

                    No small effort, but here's what you should do:

                    1. File small claims
                    2. Serve the debtor with the papers
                    3. Go to court, win, record judgement with your local county. If the debtor is a home owner and you performed work on their home, file a mechanics lien.
                    4. You can enforce the judgement by ordering the debtor to show up in court for an "order of examination" - if he doesn't show up, he will be held in contempt of court and will have a bench warrant issued for his arrest for "failure to appear". Mail a copy of the bench warrant to him with a copy of the judgement and ask him once again to pay up.
                    5. if he does show up to the order of examination, ask him about his financial position, and why he hasn't paid the debt. He will be required by the judge to disclose all elements of his income and expenses. Be sure to ask where he works.
                    6. After the examination, you can file in your court a request to attach his wages through a garnishment. You'll finally get paid through his wage garnishment.

                    Again, it's not an easy process, but it's a process none-the-less. And it's a process that has worked for me on countless occassions.

                    Regards,
                    Steve Ontiveros
                    wefactor.com
                      • Re: Interset Rate Change Billings
                        telstarr Newbie
                        Thanks, Mr. Ontiveros

                        I understand what you are saying, unfortunately for me that I deal with people who have the ability to hide, and it takes time to find these people, and on the other hand I do not know how to compete against liares. I have found out in small claims court that people will lie to get out of paying their bill. I've looked onto factoring, you see most of my clients pay when service is completed and factoring doesn't work with past bills.

                        Thanks Again, Telstarr
                  • Re: Interset Rate Change Billings
                    amspcs Ranger
                    First off, most states have Usury Laws that determine interest that can be charged.

                    As for what you can do in any specific case, that depends on what your sales agreement gives you the right to do. You shouldn't lift a finger without some sort of sales agreement.
                    1 of 1 people found this helpful