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Late fees and Finance Charges

Discussion in 'Business Fundamentals' started by rawdog, Dec 1, 2008.

  1. rawdog

    rawdog Senior Member
    from Cape MA
    Messages: 124

    Since the last thread on this was inadvertently hi-jacked and then closed thought i would start a new once since i wasnt able to defend my statements...

    whats everyone charge? anyone know a rundown by state?

    In Mass it seems pretty open to interpretation (even though there is a suggested rate)...although im sure some will insist that the NYS attorney general sets the bar for everyone.
  2. Earthscapes

    Earthscapes Senior Member
    from WNY
    Messages: 577

    I don't charge late fees. NO PAY by the date stated, NO PLOW.
    Has worked for the last 10 years like this.

    Residentials have 2 choices- Pay in full or 2 payments. 95% pay in full.
    Commercials are billed monthly, but pay the first month up front.
  3. dirtmandan2

    dirtmandan2 Senior Member
    Messages: 274

    I charge a 25$ per month late fee as a small % on driveways = almost nothing... I don't know if that is legal, nor do I really care , but I will do it this way until i'm forced not to... and yes no pay , no plow...
  4. go plow

    go plow Senior Member
    Messages: 322

    here in connecticut i or we can only charge 1.5% per 30 days

    Messages: 47

    As long as they sign it there is no limit. Same as a credit card $39.00 a month late charge. 32.5% interest a year on outstanding balances.
  6. QuadPlower

    QuadPlower PlowSite.com Addict
    Messages: 1,056

    Stop plowing after 15 days late. Mine is not a percentage of the late amount. I think that can be limited. Mine is a dollar amount and I call it a "Administrative Fee"