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[L108]Late Payments On Mortgage

by Victoria Selman, Vic

Sending out Accurate Invoices on Time

One of the key ways that you can avoid late payments is by ensuring that you send out invoices on time and that they are accurate.

If you are in a service business then keep careful records of your billable hours and send out invoices as often as your contract with your customer allows.

If your company sells products, then make sure that you send out an invoice at the same time as the shipment.

In both cases, the sooner the invoice has been sent out, the sooner you will be paid.

What Information Your Invoice Should Contain

There are certain items of information that an invoice should always contain so as to reduce the risk of confusion.

• Date all invoices and specify clearly when the payment should be made by.
• Outline any penalties that you have set for late payments
• Outline any discounts you offer for payment that you receive before the deadline.
• Describe the products or services to which the invoice relates.

It also helps to use invoices that are numbered sequentially. It facilitates conversations with customers about specific invoices and also helps you to keep track of the invoices.

Good Invoice Practice

Prior to sending out an invoice, call the customer and confirm the price that you are planning to charge.

Be aware of your industry norms when setting your payment schedules. For the most part, 30 days is standard however there are some industries for which a 45 or 60 day payment cycle is usual.

Find out about your customers' payment practices so that you can send out an invoice that fits in with their payment cycle.

Did you ever wonder why a negative item has to stay on your credit report for 7 years? This question has been circulated for many years, and no one was able to give an answer other than what is stated in the Fair Credit Reporting Act (FCRA). I always wondered what the answer was myself, but was never satisfied just knowing that someone just decided to use the magic number 7.

Well, upon research I think I found out why creditors, banks and other companies you do business with keep an item an your credit report for 7 years. Taken from the bible:

[ The Year for Canceling Debts ] At the end of every seven years you must cancel debts.

Deuteronomy 15:1

(This law was put into effect to help the poor) This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the Lord's time for canceling debts has been proclaimed.

Deuteronomy 15:2

In the year of our forefathers, company principles were based on biblical principles. The lobbies of all government buildings and commercial building have either a biblical symbol of biblical quotes throughout the buildings.

The Bible specifically states that people are expected to pay their debts. Religion has played an important role in the history of the United States. Many of the original immigrants that arrived in America came searching for religious freedom and many of the immigrants today come to America for the very same reason.

The Declaration of Independence states that certain unalienable human rights originate from God. The First Amendment protects the freedom of religious expression for every American and established the separation of church and state. Since the founding of America, religious institutions have been at the forefront of many political movements. Religious groups fashioned and sustained movements to promote women's rights, the abolition of slavery, prison reform, protections for workers, alcohol prohibition, civil rights, and international peace. However today we see many people fighting against the views and laws put in place by our forefathers that founded this great nation.

So the next time a creditor tells you that a late payment has to remain on your credit report for 7 years, you will know how they arrived at that number.

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About Author

Both Victoria Selman & Harrine E. Freeman are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Victoria Selman has sinced written about articles on various topics from Family Concerns, Finances and Eyewear. . Victoria Selman's top article generates over 33100 views. to your Favourites.

Harrine E. Freeman has sinced written about articles on various topics from Flirting Tips, Credit Cards and Credit Cards. Harrine Freeman is the CEO of H.E. Freeman Enterprises, a credit repair and personal finance services company and author of "How to Get Out of Debt: Get an "A" Credit Rating for Free." Visit. Harrine E. Freeman's top article generates over 2400 views. to your Favourites.