Economy Sucks ! Any Self Employed JWDers Having Trouble Collecting Money ? (page 3)

BurnTheShips

It is very seldom that people, or companies do not pay bills IF they have to cash to do so.

This is true. However, people usually have several bills to pay and they prioritize. When I collected, I did what I could to make my employer the priority. I was my business to be Paul and get paid, and let them rob Peter. I was also dealing with a certain class of borrowers, if you understand what I mean. Loans that I myself would never take out under normal circumstances, and definitely not for non-necessities.

The reality is these dyas that the largest corporations, or the smallest businesses have one thing in common, and that is that they are all twelve weeks 'bad' business from bankruptcy.

Debt load. High debt load. I learned, the hard way, in my early 20's the evil of carrying a lot of debt unnecessarily.

BTS

Casper

So sorry you are having to deal with such bull, Mr. Flipper....

My Brother runs his own business also, and runs into such from time to time. Recently had a huge account "Claim" they had already paid him...!!

Duh... if they had he certainly would have known it. He got all his paperwork together and proved different. He "Got" his money...

I feel for anyone that runs their own business in this day and time.

Sending supportive thoughts your way...

Sincerely,

Cas

sammielee24

SAMMIE LEE's WIFE- So you were a collector too ?

Yeah...one of those 'other tasks' included in any job description and in my early days with a company. It was only for a year and I moved onto other financial tasks...the one thing I hated though was if the boss decided to 'make a deal' with someone for paying off debt and didn't tell me. I'd be harassing the guy who'd then be screaming at me when he understood he already sunk a deal with the head honcho - then I'd be irate which in turn meant spitting off steam at the offender ie the boss - so it was one big mess when the boss got involved and ran solo. sammieswife.

LockedChaos

Had quite a few businesses over the years
Both my wife and myself separate and together
Never had any problem with timely payment

Any thing past net terms
interest starts accumulating

All work performed via
contracts or engagement documents
Any additional work performed
had to have a signed addition to work order

Went through some very bad economies
While things did slow down a bit
Always got paid
Never had to go to court

A lot depends, though
where you are in the food chain

I was in manufacturing and
custom discretionary retailing

The wife and now me have an accounting firm
Small one now. Only a few select clients.
Previously had over 500 clients
PIA

Advice: Don't let the bill get to high
You will be forced to settle for less than
full amount owed because you will be desperate
and will have lost all you leverage

Be the squeaky wheel

nomoreguilt

I, too, am self employed. No need to state which business as I may give myself away even more. However, I have about twenty accounts that I serve on a regular basis. Over the years, 32, I have used discernment as to WHOM I will carry for 45 days.

I have been fairly successful in keeping everyone straight as far as paying me goes. Like yourselves, I am also concerned as to just where the economy will take us in the nar future. If you have a personal relationship with your accounts and the people that write the checks you should be able to keep a tight rein on your recievable accounts.

I bid you all good luck in the future.

NMG

bonnzo

i had one customer go 120 days three years ago.....threatened lien, and they paid up. i have one now who regularly goes 45-60 days, but getting paid in 45 days is better than not getting paid at all. however, my business generally gets better when the housing market struggles.

OnTheWayOut

I would probably say that I might have to take him to small claims court unless
he gives me what he can EACH TIME I see him. I think a few hundred bucks a
week is better than hoping for a judgment later. Even in judgment, he can declare
bankruptcy or say that it will take time- set up payments.

If you keep bleeding him for anything, it isn't really enough but it might be faster to
get your money. Just my thoughts.

flipper

Thanks for all your comments !

BURN the SHIPS- Interesting things you write from when you were a collector . I don't have a " high " debt load as some people may have, but a " normal " debt load which most people incur as adults. You know - that kind of debt.

CASPER- Thanks for the kind words sis ! It is difficult at times to get people to pay. This is the largest amount that's been owed to me in 26 years in business that I've been stiffed for so far - so I guess I've been pretty lucky over the years this hasn't happened. I'm glad your brother received his money too.

SAMMIE LEE'S WIFE- So you were caught " in between " at times with the boss cutting a deal with the people who owed your company money . I'm sure that caused you some pressure ! Communication is a good thing - if only more employers would it better between themselves and their employees. I feel many employers lack in communication skills causes way too much stress for employees ! And I've been on both ends of the spectrum.

LOCKEd CHAOS- Good advice ! I definitely will be the " squeaky wheel " and be vocal trying to get this customer to pay me ! If my hand is forced I will take him to small claims court for $ 3,900 . I'd like to avoid it if I can though. I'm happy to hear you never had any problems collecting in your business !

NO MORE GUILT- In my " commercial " janitorial business it's a lot less personal than dealing with residential customers one on one. I don't have any what you would call " personal relationships " with the commercial customers. Strictly business. I too am careful of who I will let go 45 days on me. I hope this economy eases up on the construction industry enough where this architect WILL pay me soon.

BONNZO- Wow ! A customer went 120 days on you ? That would drive me crazy ! I'm glad you threatened him with a lien ; at least you got paid ! I agree 45 days is better than not getting paid at all !

OTWO- I don't think this customer will give me ANY money each time I see him. I was lucky to get the $200 the other day out of him. It was like pulling " hensteeth " getting that out of him ! I may have to take the greasy guy to small claims court as you said ! Peace out, Mr. Flipper

Economy Sucks ! Any Self Employed JWDers Having Trouble Collecting Money ?

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