NCR: Charging Interest

[Napalm]

Can anybody tell me what is the maximum interest I can charge on invoices for clients? 

[Mackie]

I think it's 24,5% or thereabouts.

[Napalm]

Thanks.  

 

MUHAHHAHAHHAHA

[knersis]

per month, MUHAHHAHAHHAHA

[Napalm]

Per month? I'm thinking per day - but I'm a ****.

 

[Red Zone]

I hope that you have had a kind word or two first, otherwise it is a good way to loose business.

[Napalm]

I've gone out of my way to help this client, and he thinks it's okay for me to wait months on payment. Now it's *** en betaal.

[gremlin]

*** en betaal is die wet van Trasvaal

[Red Zone]

My invoices have a section at the bottow showing the increase in the account over 30, 60, 90, 120, and longer days, I put the interest rate up each month. If guys can see what they will be paying the longer they wait, they quickly pay up

[Mrs Pickled]

I'm no expert in this, but I recall reading somewhere that one can't charge interest unless your original contract/invoice indicates that interest is chargeable on accounts over X days/months (e.g. interest charged on accounts more than 60 days overdue)

 

All the best with this one!  

[Napalm]

To this guy it doesn't make any difference - I just hate having to beg, plead and threaten everytime I want to get paid.

[Mrs Pickled]

To this guy it doesn't make any difference - I just hate having to beg' date=' plead and threaten everytime I want to get paid. [/quote']

 

I hear you. Did work for someone like that a while ago. Fortunately have not had issues with my current clients.

 

Fair is fair, if they've recevied the goods/service, they must pay for it- end of story. This whole having to beg people thing is a waste of time and energy!

[Bat-ass]

there is an easier way... unfortunately it doesn't help with the outstanding amount.. but next time he (or anyone that generally pays late) buys, put a 30% settlement discount on the amount. ie. if the goods are R70, charge him R100 less 30% for prompt payment!!! you can decide what you think is prompt payment!!?? if he's late you take extra 30%!!??

[porky]

You can charge interest at the max rate, BUT, unless you are a bank, he is not obliged to pay it.!

 

To force him to pay the interest you would have to go to court, you may win, (there are a lot of legal clauses you need on your invoice first) but its a lot of extra costs.

 

Many customers know the law better than the suppliers, and he probably knows you can not enforce interest payment without going to court for a legal ruling, so he will chance it for as long as possible.

 

Theres no harm in putting it on your invoice, because if it dos go to court sometime, you can claim the interest, but if he just pays the due amount and no legal proceeding is in place, (ie) you are not yet sueing him) he is not obliged to pay the interest you have added and you will in all likelyhood just end up writing it back.!

 

 

 

porky2009-09-07 07:44:22