What is your late fee?
 
 

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What is your late fee?

This is a discussion on What is your late fee? within the Horse Boarding forums, part of the Barns, Boarding, and Farms category
  • Late fees for boarding horses
  • Late fee after days

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    06-15-2012, 03:51 PM
  #1
mls
Trained
What is your late fee?

We have a set $25 late fee. (We offer boarders can set the day of the month their board is due) One day late, many days late - $25. We have two boarders that take huge advantage of this. I am considering changing to a per day late fee after 5 days. Up to five days $25. After that an additional $5 per day.

Thoughts?
     
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    06-15-2012, 04:04 PM
  #2
Yearling
That sounds reasonable. I would do that if I were operating a boarding stable. I can see though, them still taking advantage of the up to 5 day $25 fee. They'll probably pay sooner but most likely not on time.

Maybe set up a strike system. After so many continuous months of not paying on time, up the late fee or even send them packing.

If you're late or don't pay your water bill, what happens? It gets turned off.
If you're late or don't pay board, you don't have a place to keep your horse.
I understand that kicking people out isn't the first move to take as you run a business and that's how you make money. But I would not tolerate being taken advantage of by any means.
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    06-15-2012, 09:18 PM
  #3
Showing
$5 day late fee but it can be what you want. Up it to $10. You may as well make some money on the deal. Where I live there's an automatic lien on the horse the moment board is overdue. Let the late payers know that after 15 days the horse will vacate the premises or it will be sold at the first auction so you can retrieve your board bill plus expenses. That usually rattles them.
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    06-15-2012, 09:20 PM
  #4
Showing
Sounds reasonable to me!
     
    06-15-2012, 09:39 PM
  #5
Yearling
I like the idea of a strike system and upping it in increments
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    06-15-2012, 09:39 PM
  #6
Green Broke
I have no idea. I no longer pay board (I clean stalls, wash buckets and so on) but when I did, whenever my BO got around to writing me out a bill (sometime monthly, sometimes it would be 4 months) I wrote a check immediately so I wouldn't have to worry about it.

I don't think an escalating late fee is unreasonable. You could also suggest to your chronically late boarders that they pay in an "extra" month of board so they won't be late in the future. My mortgage company has a $75 late fee so to ensure I never, ever have to pay it, I am paid up 1 month in advance so even if my check gets in the mail a bit late, it's still not late.
     
    06-16-2012, 01:24 AM
  #7
Green Broke
There are laws that specify what can be charged as late fees, if credit cards did this, you would never get a bill paid off. If they are consistantly late, and say on the 15 they pay, then ask them if paying board is better for them on the 15th, and do a pro rate.. and change the board is due. I don't see how you don't get stuck with an unpaid board bill with those late fees. You need to check the laws in your state, you could be setting yourself up for a lawsuit
     
    06-18-2012, 03:26 PM
  #8
Yearling
I have an awesome BO I NEVER pay my board on the same time every month or I split it up between paychecks which helps me out because I'm a full time college student and I work so its very convenient for me as long as you tell her what date your paying on she don't care but if you don't give her a heads up then she charges you a $25 late fee for the first day and $5 everyday after that and its due the 1st of the month but I never pay it then.
     
    06-18-2012, 03:32 PM
  #9
Weanling
We give boarders until the 5th to pay. We charge 5.00 a day after that. It keeps people from being too late as we have to upfront feed etc for horses than. We just had a horse leave that went 50 days late.. late fees were huge.
     
    06-18-2012, 03:34 PM
  #10
Weanling
Quote:
Originally Posted by stevenson    
there are laws that specify what can be charged as late fees, if credit cards did this, you would never get a bill paid off. If they are consistantly late, and say on the 15 they pay, then ask them if paying board is better for them on the 15th, and do a pro rate.. and change the board is due. I don't see how you don't get stuck with an unpaid board bill with those late fees. You need to check the laws in your state, you could be setting yourself up for a lawsuit
boarding and renting are two different things. There are pretty much no regulations on boarding. You can give poor quality hay.. poor quality grain etc.. as long as the horses are not starving there is nothing the boarder can do but choose to leave or fix it with you.
     

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