Legal Question in Credit and Debt Law in Tennessee
Assessing Finance Charges
We have sold product to a commercial company in the state of Tennessee (we are located in Wisconsin). Our terms to this customer were Net 30 days, the customer is currently past due at 130 days. Repeated calls have not resulted in payment. We have issued an invoice to them for finance charges, hoping this gets a response. They have issued a letter stating that they ''do not pay finance charges,'' however, still will not return our calls. Can I legally assess a finance charge or late fee to this entity?
2 Answers from Attorneys
Re: Assessing Finance Charges
Probably. It depends on a couple of factors. First, was there a contract or some writing which sets out your right to impose these types of charges. Second, if it is a certain amount of debt and you sue the company for recovery, the court has discretion to award prejudgment interest.
If you have further questions or require further assistance with this matter, please do not hesitate to contact our firm.
Re: Assessing Finance Charges
Hello, I agree with the Tennessee lawyer's message. Also, collecting the interest may be the least of your problems. To get any money in your pocket, unless they voluntarily pay, you will have to hire a Tennessee lawyer to bring a lawsuit and get a judgement. Even after you get a judgement that says they owe you the money, you then need a separate legal action to collect the money owed. You might try to compromise with them to get some money to avoid the legal costs.
These are just some ideas; if you need legal advice to rely upon, you need to retain an attorney that can review your situation in detail and give you a legal opinion. Good luck, Mark J. Mahoney
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