Posted by jojo_MN on 11/12/06 12:03pm
Msg #159256
INVOICES NOT GETTING PAID
Sorry for yelling, but I'm not in a good mood this morning. I just went through my serious past due lists. I am now over $7,000 that are more than 90 days past due. Lots of them were with my regular clients that have always paid on time in the past, so please don't tell me I should have done a search before accepting the assignments.
Does anyone require payment up front for business? I know I would lose a lot of clients, but I'm considering requiring upfront payment either by a check enclosed in overnight docs or Paypal with e-docs. I don't want to go to that extreme, but I am out way too much money and like all of you, have bills to pay. Don't these signing services and title co.'s know that we are in this to pay bills, not as a favor to them?
I appreciate all of my clients very much, but come on!!!
| Reply by jojo_MN on 11/12/06 12:10pm
Msg #159265
THIS THREAD NOT ABOUT A COMPANY. Suggestions apprectiated. n/m
| Reply by Blueink_CA on 11/12/06 12:20pm
Msg #159271
A suggestion
Always, always, always - before sending docs back, make a note of the lender, TC, loan#, escrow # and phone numbers for lender & escrow. I write this info on the signing confirmation which I keep in the hiring entities file. You never know when you may need to use this info to secure payment.
| Reply by jojo_MN on 11/12/06 12:40pm
Msg #159280
Re: A suggestion
Thanks for the suggestion. I already do that. I have a loan signing prep sheet that I track everything now. I am in the process of writing a letter to each of the title companies and lenders on every unpaid invoice over 90 days. Will be sending it out this week.
| Reply by sandi42 on 11/12/06 12:13pm
Msg #159267
Alot of companies I work for also seem to being paying later than usual.
| Reply by Lisa Prestegard on 11/12/06 12:20pm
Msg #159270
*Sigh* the little games they play...
Jojo, I spent the better part of a day last week contacting the several that owe me 60+ days, amounting to over $3K. Sadly, several of them are TC's, as I don't work for SS's any longer. The SS's that do owe me are ones that meet my fee without question and that I have worked for the past two years. I have heard every excuse and reason under the sun as to why I have not been paid, ad nauseum.
Sign of the times, perhaps? I dunno... things have been slowing down, but I know most of these have funded.
Here's my thought: It's nearly end of the year. Companies KNOW we have to close out our accounting by 12/31 and are pushing the envelope with nonpayments, in hopes that we will "charge off" the invoice as bad debt and take the tax write-off.
I am taking a very agressive approach with these nonpaying companies and will be citing Florida Subcontractor Law in my next demand letter, which will be sent via FedEx (not certified mail... they know that trick) along with a copy of the recorded Mortgage bearing my seal.
My demand will be that they pay within 10 days of receipt of my letter, or I will persue legal action, which I am fully prepared to do. I will also file a complaint with the AG in Florida for deception of a Public Official by means of fraud.
Check out MN subcontractor law, Jojo... I think you'll find that it applies to Notaries Public ;-)
| Reply by MARLENE REVERON on 11/12/06 12:32pm
Msg #159278
Re: *Sigh* the little games they play...
I read this I tought this was interesting can you forward me what your are sending the company to get paid to see if I could collect some of the outstanding balance out there
thanks
| Reply by Lisa Prestegard on 11/12/06 12:41pm
Msg #159282
I wasn't going to go there since it's old news, but...
since you have begun dialogue with me, Marlene, here goes:
I will not help you collect. I will not give you any information that will help you collect.
While I feel sorry for you that you've accepted assignments from these companies and are sitting with oodles of debt from them, I won't help you. Why?
Karma.
I did a closing for you 8/2/05. Your company, Florida Mobile Closing Group, hired me to perform a service, which I did. My invoice to you stated "Net 15 days".
I had to chase you for payment, got excuse after excuse that "all these TC's owe me to the tune of $10K", you sent me an unsigned check, etc. Finally, you sent my money via PayPal... 116 days after the closing (11/18/05)...but only because you thought I would help you and network with you.
So, forgive me for not feeling terribly charitable. I'll spend my time and offer my resources to help those without an agenda.
| Reply by jojo_MN on 11/12/06 12:44pm
Msg #159285
Re: *Sigh* the little games they play...
Thank you, Lisa, When I talked to you in the past, you told me about a letter that you write. If you don't mind sharing, could you send a copy to me e-mail. I would really appreciate it and make any changes applicable to my situation. I'll even send you a nice x-mas card
| Reply by Lisa Prestegard on 11/12/06 12:50pm
Msg #159293
You have mail, Jolene! n/m
| Reply by Becca_FL on 11/12/06 1:08pm
Msg #159304
Lisa, could you post the letter to the Network file cabinet? n/m
| Reply by Lisa Prestegard on 11/12/06 1:10pm
Msg #159306
You bet... will do a little later on n/m
| Reply by Susan Fischer on 11/12/06 1:06pm
Msg #159303
Re: Some thoughts (long)
One SS told me she charges her clients up front, either cc, PayPal, or check. This assures she can pay her notaries. Recently, a SS said they pay upon reciept of confirmation that pkg was signed and docs were dropped. True to their word, my PayPal account was credited that day. Oh happy day.
One idea for faster payments may be to offer a small disount (say 2%) for payment within 10 days of receipt, just as an example. For a large volume SS, this could add up to substantial savings over a year, even given the cost of cutting checks more often. Even for smaller SSs, a penny saved is a penny earned.
I've toyed with the idea of charging interest, since I am the one extending credit. This is not a simple task, although with QuickBooksPro, the logistics are automated. Still researching the requirements for charging interest in my state.
One last thought - when loans require appraisals, the Appraiser is always paid up-front. Loan docs must get signed. They are signed whether the loans fund or not. My argument for getting paid up-front is that our services are as integral a step in the lending process as the Appraisals, and professional closers (not in the funding sense) should be accorded the same payment standards.
Respectfully submitted, with apologies to any prior posters if I have re-hashed the issue,
Susie
| Reply by Susan Fischer on 11/12/06 1:58pm
Msg #159310
Re: Oops! Responding to Sandi - slow hands, here n/m
| Reply by MistarellaFL on 11/13/06 6:09pm
Msg #159669
Re: Some thoughts (long)
There used to be a day when O/N docs were the rule, and not the exception...and often accompanied with a check for our fees....the NNA churned out thousands of NSA's who don't really even know their states laws for notarizations, and here we are 3 years later....
<sigh>
I say this: Don't let your A/R get beyond 30 days in arrears before following up.
I did this with companies knowing they paid 45 + days out, and rarely had a problem.
I no longer work for these companies, although I do work with some TC's who pay net 30.
I bill every company who owes me money monthly, the sometimes the 1st or 15th, (depends on when I did the signing) no matter what their schedule. It helps us both keep on track.
| Reply by jojo_MN on 11/12/06 7:48pm
Msg #159403
THANK YOU . . .
. . . so much for all of your responses. I have so much appreciation for those that help others. There are so many knowledgeable people on this forum.
And thank you very much, Lisa! I will put the letter to good use.
I have many lenders and title companies that are excellent people to work with and pay well and I appreciate every one of them!
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