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Maximum late fee allowed in state of KY

Discussion in 'Business Operations' started by nherweck, Sep 1, 2007.

  1. nherweck

    nherweck LawnSite Senior Member
    Posts: 321

    Hi everyone. Earlier in this season I had asked for help financing a piece of equipment as I was underage and couldn't qualify for the loan. The woman, a friend of mine, had drawn up an agreement stating payments and what not. I've always paid by the deadlines, but this month I think I may have trouble with it. As per our contract, I agreed to pay a $10 late fee *PER OCCURANCE*. She emailed me today telling me that I will be owing her $10 per DAY late. Can she do that? Occurance doesn't mean DAY, last time I checked.

    Isn't there a max late fee penalty to any business dealings?

    Any help would be appreciated...I have a feeling I'm going to have problems with this.
  2. Mow Mony

    Mow Mony LawnSite Member
    from VA
    Posts: 229

    there is a max, it is percentage based and there is a max amount monthly, and for the year, that you can charge in late fees... and it varies state to state. We do a flat fee for late payers, no one has objected yet.

    $10 per day seems like way to much but if the agreement you made with her wasn't clear what each occurence meant, then it might hold up.

    Sounds like she is trying to rip you off though.
  3. nherweck

    nherweck LawnSite Senior Member
    Posts: 321

    I keep feeling like she wants to rip myself off as well. The $10 per day is rediculous!
  4. lawnpro724

    lawnpro724 LawnSite Silver Member
    Posts: 2,201

    she is charging you? if so per what occurance?
  5. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    You were a minor when you signed the contract? Well that right there makes it void. Tell her to go "do" herself and you will pay her when your damn good and ready.
  6. P.Services

    P.Services LawnSite Fanatic
    Posts: 6,322

    i agree with lawnman pay what you owe plus ten bucks or maybe stop paying all together,let her take you to court and say you have no idea what she is talking about she gave me the mower as a gift, "why no judge i never signed any contract im to young to". dont loose sleep over it dont even worry
  7. topsites

    topsites LawnSite Fanatic
    Posts: 21,653

    Whoever wins it's still just trouble waiting to happen.

    I'd see about contacting some attorneysss in your area, go through the phonebook and call one after the other, just tell them right quick your situation and see if any of them have any free advice, just get the advice for now that way you got nothing to lose here.

    Maybe pick your friends more carefully in the future, and good luck.

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