client won't pay....

[Simpleiowaguy]

I send a past notice after 30 days. It states that they have 7 days to pay past due balance. After that I will charge 5% compounding interest for every 30 day period, $25 per additional notice sent, and any additional legal fees require to secure debt owed..... I send this as certified signature required delivery in a plain envelope with no return address! Hasn't failed yet.

 

[Webfoot]

After that I will charge 5% compounding interest for every 30 day period, $25 per additional notice sent, and any additional legal fees require to secure debt owed.

Do they sign that in advance? A lot of people don't read the fine print I suppose.

 

[southsoundtree]

If terms aren't signed, I would guess they are non- enforceable.

 

[Serf Life]

I send a past notice after 30 days. It states that they have 7 days to pay past due balance. After that I will charge 5% compounding interest for every 30 day period, $25 per additional notice sent, and any additional legal fees require to secure debt owed..... I send this as certified signature required delivery in a plain envelope with no return address! Hasn't failed yet.

That would be nice! Maine has a max interest of 1.5% on late payment which is 18% in a yr. Effectively fuck-all.

 

[Matias]

That would be nice! Maine has a max interest of 1.5% on late payment which is 18% in a yr. Effectively fuck-all.

I have seen that same 1.5% on various contracts I have signed with local supply shops, so without double checking, I would bet it's the same here.

 

[Simpleiowaguy]

That would be nice! Maine has a max interest of 1.5% on late payment which is 18% in a yr. Effectively fuck-all.

Iowa allows 5% as max interest. Maine is beautiful territory though.

 

[Webfoot]

Iowa allows 5% as max interest. Maine is beautiful territory though.

A bit more complicated than that? Iowa Code 535.2

" Except as provided in subsection 2, the rate of interest shall be five cents on the hundred
by the year in the following cases, unless the parties shall agree in writing for the payment
of interest at a rate not exceeding the rate permitted by subsection 3:"

"3. a. (1) The maximum lawful rate of interest which may be provided for in any written
agreement for the payment of interest entered into during any calendar month commencing
on or after April 13, 1979, shall be two percentage points above the monthly average ten-year
constant maturity interest rate of United States government notes and bonds as published by
the board of governors of the federal reserve system for the calendar month second preceding
the month during which the maximum rate based thereon will be effective, rounded to the
nearest one-fourth of one percent per year."

In Oregon it is "nine percent per annum" unless "otherwise agreed."