Can I charge interest on my unpaid invoices?

[SmithBuilt]

You may be breaking the law. Have you checked out what you're legally allowed to charge?

I discussed it with my CPA. He said charge what you want.

 

[weressl]

I discussed it with my CPA. He said charge what you want.

So how does it help you if you share the same jailcell?

 

[480sparky]

I discussed it with my CPA. He said charge what you want.

You asked your Car Parking Attendant? Or is he in Cleaning, Pressing and Alterations?

None of them are lawyers.

 

[magictolight.com]

You asked your Car Parking Attendant? Or is he in Cleaning, Pressing and Alterations?

He's changing the oil!:smile:

 

[PEI]

Are your invoices going out in a timely manner? The longer it has been since the job was completed, the less important it was.

 

[smo]

If you don't apply it consistently, you may have difficulty having it stand up in court.

My agreements with the clients cleary state that any fees or penaltys may or may not be charged, it is up to the company to decide. If it ever goes legal, I'll let my collections company deal with it - their lawyer is the one who wrote the contract anyway.

 

[SMITHGILLIS]

what about a different point of view?

what about a different point of view?

How about saying its company policy to collect upon completion, or at least a 60% deposit before you start. So if you dont collect on the spot make them sign that they understand that there is a 10% finance charge on any bill under 500 dollars not collected at completion. What do you really gain though? It shouldnt be your goal to get everything you can get the first time they call but to keep the customer as long as you can and start collecting them and not fees.

 

[Mike Lang]

The announcement of late fees, or charges should be part of the original Contract either in writing outlining your terms and conditions or verbal if your State recognizes such as valid. It is of coruse best to check what is legal in your State and how State law protects you, the Contractor.

Yea I've recently added the %1.5 rate to all my estimates from here on out. I think NJ laws prohibits collecting anything over %20 per year. It's sad but the state laws do very little if nothing at all to protect us contractors. At least here in NJ that's how it is.

you gotta laugh living here in NJ otherwise you'll go postal!

 

[SmithBuilt]

None of them are lawyers.

No, but I have a lot of faith in my CPA. They as a group are top notch.


I may try SmithGillis idea and go for a larger sum up front. I'm not in the lending business and the way I have it worded looks just like a credit card co. Maybe a %10 fee for not paying by the due date then a specified time later take legal action be it lawyer or lien. Make my contract look like I'm serious about getting paid on time. As stated before you never collect the interest anyways it's just there to speed up getting paid.

 

[480sparky]

No, but I have a lot of faith in my CPA. They as a group are top notch........

Be that as it may, would your first phone call after getting served a notice that you're being sued be to your CPA?