This happened to a guy I know:
Guy has poor credit but needed work done on his house, [not something he could attempt himself]. A contractor did the work but required 4 post dated, signed checks in lieu of a more traditional financing, since financing was a problem for Guy.
A couple months go by and the date on the last check is coming up. Guy knows the check will not clear, so he contacts the contractor to see if they can work something out.
Contractor's reply is: We are depositing the check on the date that's on the check. If it bounces, we are filing a police report for check fraud.
I don't know what to think. I admire the contractor's novel approach, but it does seem like intimidation and/or coercion. I bet contractors' accounts receivables are pretty crappy debts that get defaulted on all the time. I feel sorry for the Guy, whom I have known a long time. He's a good Guy, lots of friends, but is underemployed and lives beyond his means. Guy's only recourse is to beg his in-laws for money. Sucks to be him, but he made his bed and all.
Any chance the contractor's actions are not legal?
Guy has poor credit but needed work done on his house, [not something he could attempt himself]. A contractor did the work but required 4 post dated, signed checks in lieu of a more traditional financing, since financing was a problem for Guy.
A couple months go by and the date on the last check is coming up. Guy knows the check will not clear, so he contacts the contractor to see if they can work something out.
Contractor's reply is: We are depositing the check on the date that's on the check. If it bounces, we are filing a police report for check fraud.
I don't know what to think. I admire the contractor's novel approach, but it does seem like intimidation and/or coercion. I bet contractors' accounts receivables are pretty crappy debts that get defaulted on all the time. I feel sorry for the Guy, whom I have known a long time. He's a good Guy, lots of friends, but is underemployed and lives beyond his means. Guy's only recourse is to beg his in-laws for money. Sucks to be him, but he made his bed and all.
Any chance the contractor's actions are not legal?
New Form of Financing/Collections
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