Collecting fees - Factoring

[Walter Kirk]

Factors provide a valuable service however if I having to pay a factor a percentage of an already discounted fee owed by an AMC makes no economic sense.

 

[PRCHIEF]

same thing here

Dear Victor,

We want to keep you fully informed of our progress regarding the anticipated payment of all past due invoices.

JVI is being acquired by a Fortune 500 company. Final approval has just been granted and we are now in the final stages of the transaction. The new company is fully aware of the outstanding debt and the urgency attached to paying all of our field partners immediately.

We plan on making a formal announcement within the next two weeks. We cannot discuss the details of the acquisition at this time, but can assure you that our Field Partners will be paid for all services performed for JVI.

The benefits of this acquisition to you are:

· All outstanding invoices made current.

· All future assignments for the new company will be paid within 30 days.

· The strength of this Fortune 500 Company will attract new clients, meaning more work and more security in these turbulent times.


I am very sorry for this delay and hope you can continue to work with us. If I can be of further assistance on this matter please feel free to contact me.
***Email is currently the best method to reach me as I am inundated with calls, please hit “Reply to All’’ to be assured that I will receive your response.

Respectfully,
Hank Pruett
JVI Appraiser Services
hpruett@jvisolutions.com
701 International Parkway
Suite 200
Lake Mary, FL 32746

LOL... funny i just got the same notice. they owe me from end of feb-may. then they sent me more work. all while wanting me to pay appraisal port fees.

 

[NOFLIESONME]

JVI troubles

JVI owes me a chunk of money. Would it do any good to approach the lender directly for the services rendered?

Also, someone asked me if I couldn't just put a lein on each of the properties that were appraised; any thoughts?

 

[subjectively02]

JVI owes me too. I called & spoke to Hank Pruett as well as their accounts payable guy...their attitude is "you're not alone in this; there are several other appraisers we owe as well". What a lame cop out! I doubt we'll ever see green on this, but I certainly will NOT do any work in the future with these guys!

 

[GCJim]

LOL... funny i just got the same notice. they owe me from end of feb-may. then they sent me more work. all while wanting me to pay appraisal port fees.

Somehow, this is not so funny. It's unbelievable that any appraiser anywhere would consider accepting work from a company like this. Are some appraisers completely out of their minds? (Or, is there a sucker born every minute?)

 

[gregb]

Some appraisers are slow learners. Just because an AI SRA or MAI is Chief Appraiser at these companies, it does not mean that the company has to follow the AI code of ethics...there are loopholes galore, plus AI never enforces anything when its members are involved.

 

[subjectively02]

I finally got paid by jvi! When I first called they were totally non responsive. So I sent them a certified letter as well as one to the bank ...quoted dodd frank rules, threatened to call state attorney, etc., and I got a phone call from both the bank as well as jvi, and a payment within two days. So don't let them get away with not paying. Say the right things in writing, return receipt so you have proof they received it, and you will get some action. Worth a shot anyway!

 

[Terrel L. Shields]

We have a local bank that will collect...even from themselves...boy...now ain't that a hoot.

 

[EDWARD BERRY]

Factors Are The Greatest Help For A Rapidly Expanding Business.
They Are Not An Answer To Deadbeat Clients.

I Worked For Jvi When They Were Not Jvi. Sometimes Slow But Always Paid.

They Run A Tight Ship, Very Professional, I Would Still Be With Then Except Katrina Wiped Out The FHA Servicer. The New Eastern Servicer Offered $250 Chickens Per Report.

 

[Couch Potato]

Not just rapidly expanding business. Also business where timely payment is essential. For instance an appraiser living on the edge financially where one missed or late payment from a client could push them over the edge might very well benefit from a factor agreement. It would all depend on the nature of the individual business and the clients served. The more concentrated your orders from a single client the better idea it is to use a factor agreement. The reduction in risk is often well worth the money.