In most states, you are required to have a written agreement up front in order to enforce a claim for interest on past due accounts. Simply putting it on your invoice does not cut it. Most clients if they use a written contract require that you use theirs, and there is never a provision in them for interest. This is called an adhesion contract... a contract offered on a take it or leave it basis with unequal bargaining power between the parties. You also have to be careful that the rate of interest you charge is legally permissable in your state. Otherwise the rate is usurous, and you probably will not be able to recover either the interest or the principal

to post a reply: login - or - register