2006-09-06 05:17:10 · 4 answers · asked by G D 1 in Business & Finance ➔ Small Business
Unless you put a penalty in the terms and conditions of the agreement, you can't charge ANYTHING!
You can't decide to change the terms of the agreement after it's been executed.
2006-09-06 05:19:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Without an interest disclaimer prior to invoicing, there isn't much you can do other than take it to small claims court..If you're in the service industry, you could possibly put a lein on their property.
My standard disclaimer states that a finance charge of 2% (5.00 minimum) will be assessed on accounts not paid by due date.
2006-09-06 12:49:16 · answer #2 · answered by Q.S.G 3 · 0⤊ 0⤋
Normally, most businesses charge 1.5% a month in late fees. Be careful that you don't call it "interest", because then you get tangled into banking regulations. You should call it "late fees" for past due invoices.
More information on this website...
http://www.creditmanagementworld.com
2006-09-07 15:10:38 · answer #3 · answered by nickdc1960 7 · 0⤊ 0⤋
Your original agreement should have outlined the terms of the interest if any. Try taking it to small claims court, and then you'll probably only get court costs.
2006-09-06 12:24:01 · answer #4 · answered by rdnkchic2003 4 · 0⤊ 0⤋