Been contracting for a while and the pimp never paid on time, always inventing some ludocruous excuses to hold the money. Do they earn a commision on holding the money for every day that goes?
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What do agents earn on holding our money as long as posible?
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I think it's more down to incompetence and manual processes than holding on to it for any financial gain.'CUK forum personality of 2011 - Winner - Yes really!!!! -
There used to be a time when interest rates were high and there was financial advantage for intermediaries to hold money that wasn't actually theirs for as long as possible.
But since 2008 that reason has gone....
Apart from NLUK's reasons I would add that somebody is paying someone else first rather than you to keep away from the company overdraft.This default font is sooooooooooooo boring and so are short usernamesComment
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Originally posted by MPwannadecentincome View Post
Apart from NLUK's reasons I would add that somebody is paying someone else first rather than you to keep away from the company overdraft."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by Lola C View PostBeen contracting for a while and the pimp never paid on time, always inventing some ludocruous excuses to hold the money. Do they earn a commision on holding the money for every day that goes?
commissionThe material prosperity of a nation is not an abiding possession; the deeds of its people are.
George Frederic Watts
http://en.wikipedia.org/wiki/Postman's_ParkComment
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Originally posted by Lola C View PostBeen contracting for a while and the pimp never paid on time, always inventing some ludocruous excuses to hold the money. Do they earn a commision on holding the money for every day that goes?
You can charge statutory interest on late payment. This is currently 8.5%, unless the contract says differently. You can also apply this retrospectively on invoices even if they have since been settled in full - something perhaps worth reminding them of.Comment
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Originally posted by SueEllen View PostAgents can easily use invoice factoring.This default font is sooooooooooooo boring and so are short usernamesComment
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I've never had this either, and in fact I've had the opposite with agents chasing me to get my invoices in weekly so they CAN pay me on time.Comment
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Originally posted by MPwannadecentincome View PostIf they wanted to yes they could!"You’re just a bad memory who doesn’t know when to go away" JRComment
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The chances are they are waiting to be paid rather than holding onto the money. Factoring only provides a %age of the original invoice value, so many smaller agencies end up with a short fall every month and are reliant on finally being paid in order to pay you. Before they are paid they simply lack the resources to do so. For the smaller guys it only takes one late paying client to screw things up.While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'Comment
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