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Late Payment Due To Death In Family?

 
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Old 04-12-2014, 06:32 PM   #61
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Re: Late Payment Due To Death In Family?


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Originally Posted by pinwheel View Post
I don't believe I said anywhere to borrow money when you already have available funds. I said make sure you've got emergency reserve, even if you've gotta borrow that money.

Emergencies don't usually give you advanced notice that they're coming. I need to be prepared for those emergencies.

We didn't get in the financial position we're in overnight, or by accident or inheritance. We got here through a lot of hard work & some good money decisions. One of those decisions initially took place years ago. That was not put our self in desperate financial situations. There were times we were going into winter without the emergency reserves in place & yes, we borrowed money before winter to insure those reserves were there when we had to have them. Like I said, emergencies don't give advanced notice they're coming. I can't afford to let a $5-6K no pay, or slow pay put my business or supply chain in jeopardy. If I can't afford to pay my suppliers on time, everytime, I'm not going to get premium pricing or timely service.

I know some guys believe debt is a dirty word. I'm not one of those guys. If I'm paying 5-10% interest, I expect those monies to make me 20-40%. More than once, I've borrowed money to take advantage of deals that turned substantial profit over the interest I paid on the borrowed monies & I suspect I'll do it again many times in the future.
You are missing my point and what I am saying.

If you carry debt and start saving it is as if, not actually are, borrowing that money for a cash reserves.

And I never said debt was a dirty word. I do believe I said that I was not speaking of capital loans..which is what you are talking about. I am talking about credit accounts and credit cards.

Nor did I say that taking out a loan to make a profit was a bad idea. My point is simple. Pay off your REVOLVING credit and CREDIT Cards before saving up a cash reserve. I am not sure where that was lost in your interpretation of what I was saying, but that is what I have said the entire thread.

And for the record I never made you the subject, as others and yourself have suggested, concerning my view. I have just responded to your points of disagreement.
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You ask for your money frequently, and you collect it quickly, else you stop working immediately.
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Old 04-12-2014, 08:28 PM   #62
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Re: Late Payment Due To Death In Family?


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Originally Posted by 6stringmason View Post
Billing is going through the GC. The HO's wanted me to do the projects, concrete counters, and they got my info off my website.

HO told me what they wanted, I asked if they are hiring me directly or is GC, whom I did ONE other countertop job for. So I said ok, I'll write up the contract and send it to the GC. He signed it returned it with required %50 deposit.

The GC's words were, "after touch up work is done, and I hear from HO, I will pay you immediately" Great I figured. Called him on a Monday morning to find out if he talked to HO after I finished the touch up the Wednesday prior. GC says "HO is happy. I'll mail the check this week." Email Thursday later in the week because I havent gotten any money yet, and then he replied with the death in the family thing.

I sent an email back expressing my condolences, but that I also should have already had the money in my hand, and that I have to put bread on the table. That was a few days ago, havent heard back yet.

And Yes Pinwheel, in a perfect world I'd love to have a lot of cash cushion on hand. However I've had a slow late winter, and things are slow picking up here, and now weight limits are on the roads. I've got enough money to pay my bills for the month, but that doesnt mean I dont want to get paid on time.


Sounds to me that GC owes this money to you. Who cares about the death in the family of the HO then. That is GC's problem to deal with and he should pay you for your service to him since the job is complete.
Unless of course the GC has no working capital and is relying on each payment from HO to carry himself through.

Maybe GC should come on here and get some advice from TNT
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Old 04-12-2014, 08:59 PM   #63
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Re: Late Payment Due To Death In Family?


That's an interesting way for a douche to finance a funeral.
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Old 04-12-2014, 09:54 PM   #64
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Re: Late Payment Due To Death In Family?


Just to clarify there was not a death in the HO's family, theres was a death in the GC's family, apparently.

As far as I know the loan is moved to regular home loan as they are living there, and were living there when I did my touch up, and the GC has been all paid up. Thats why he said in soon as I do the touch up stuff, I can get paid immediately. I finished the touch up on April 2nd, and still havent seen my remaining %50.
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Old 04-13-2014, 11:52 AM   #65
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Re: Late Payment Due To Death In Family?


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Originally Posted by TimNJ View Post

Sounds to me that GC owes this money to you. Who cares about the death in the family of the HO then. That is GC's problem to deal with and he should pay you for your service to him since the job is complete.
Unless of course the GC has no working capital and is relying on each payment from HO to carry himself through.

Maybe GC should come on here and get some advice from TNT
Working capital and a cash reserve are not the same thing. Sounds like he isn't the only one that could use some advice.
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Old 04-13-2014, 01:31 PM   #66
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Re: Late Payment Due To Death In Family?


Quote:
Originally Posted by 6stringmason View Post
Just to clarify there was not a death in the HO's family, theres was a death in the GC's family, apparently.

As far as I know the loan is moved to regular home loan as they are living there, and were living there when I did my touch up, and the GC has been all paid up. Thats why he said in soon as I do the touch up stuff, I can get paid immediately. I finished the touch up on April 2nd, and still havent seen my remaining %50.
GC Paid up? Lein. Now. Guy is playing you. Hope it works out.
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Old 04-13-2014, 02:12 PM   #67
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Re: Late Payment Due To Death In Family?


Another Pay when Paid douche it sounds like.
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Old 04-13-2014, 02:18 PM   #68
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Re: Late Payment Due To Death In Family?


Your gonna need some too,
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Old 04-13-2014, 09:41 PM   #69
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Re: Late Payment Due To Death In Family?


Quote:
Originally Posted by 6stringmason View Post
Just to clarify there was not a death in the HO's family, theres was a death in the GC's family, apparently.

As far as I know the loan is moved to regular home loan as they are living there, and were living there when I did my touch up, and the GC has been all paid up. Thats why he said in soon as I do the touch up stuff, I can get paid immediately. I finished the touch up on April 2nd, and still havent seen my remaining %50.


Man oh man did I miss read that.
All this time I thought the HO had the death.
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Old 04-13-2014, 09:50 PM   #70
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Re: Late Payment Due To Death In Family?


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Originally Posted by TNTSERVICES View Post
Working capital and a cash reserve are not the same thing. Sounds like he isn't the only one that could use some advice.
Call it whatever you want.

Bottom line....Learn to B U D G E T your jobs.

I've been in business for more than 30 years. I learned REAL fast to set up draws to work with the HO's money first, mine second.
Employees and subs got paid before I did.

Everybody, myself included, can get stuck behind the 8 ball. That's why it is so important to set up a budget for the job.

You are being paid by the HO.
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Old 04-13-2014, 11:26 PM   #71
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Re: Late Payment Due To Death In Family?


I'm really sorry to hear about your current family situation, but you must understand that I too have a family and must at this point proceed with an intent to lein to protect them.
Thank you for your prompt reply.
Sincerely ****
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Old 04-14-2014, 12:44 AM   #72
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Re: Late Payment Due To Death In Family?


How long does this guy stop all work, and paying bills due to a death in the family? Is his mortgage company going to wait? Utility bills? Car notes?

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