Schroeder Freight - Bankruptcy

jonny-chicken

jonny-chicken

Site Supporter
20
KeyFactor said:
Excellent work and thanks for the details. I still think it's odd for them to tell you to take a hike...maybe they don't know transport law.
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Yes sir... usually they just don't understand, and can't imagine the idea that they may have to pay twice for the same load if they have already paid the broker...

That's why the letters are so effective... by giving them the name of the law, they can confirm it for themselves or consult a legal professional to do so... once they realize it's legit, they make it their mission to get the broker to pay you... usually...
 
Freight Broker

Freight Broker

Well-Known Member
30
Often the broker gets into trouble because the broker isn't getting paid by the shipper.. If all shippers paid/paid in a timely manner this would be too simple of a business. How easy would it be to make money if all shippers paid in 15 to 30 days? I know enough brokers and carriers who have been hung out to dry by shippers.. My brother in law's dad runs a straight truck in Mississauga.. He is owed over 30K by shippers in Mississauga who have not paid him.. most are still saying "don't worry we'll pay you eventually".. Yeah right.. maybe in the next year or maybe five years. In the meantime he's got to put a second mortagage on his home in order to keep operating. It often isn't the broker.. there are alot of shit shippers out there too. ALOT!!!
 
K

KeyFactor

Active Member
10
Freight Broker, many companies don't do ANY credit work at all on shippers before accepting a load and that's just asking for trouble. We do some credit work on behalf of our clients, but it's far from perfect because we have to rely on our own data plus that of companies like D&B or Equifax, which we all know have significant limitations. This site is very helpful in reporting slowing payers and bankruptcies.
 
Freight Broker

Freight Broker

Well-Known Member
30
I agree KeyFactor, but often the slow payers and no payers have a good credit score! This is because, once agian, people don't take the time to report accurately or to report at all.
 
loaders

loaders

Site Supporter
30
In spite of their shortcomings and limitations, we report all of our credit experiences to both Equifax and D&B. If more people did, it might make their data more accurate and useful. In addition, we also report our own payment history to try to ensure there is an accurate record of our company available to potential suppliers.
 
Nawk

Nawk

Well-Known Member
30
Freight Broker said:
Often the broker gets into trouble because the broker isn't getting paid by the shipper.. If all shippers paid/paid in a timely manner this would be too simple of a business. How easy would it be to make money if all shippers paid in 15 to 30 days? I know enough brokers and carriers who have been hung out to dry by shippers.. My brother in law's dad runs a straight truck in Mississauga.. He is owed over 30K by shippers in Mississauga who have not paid him.. most are still saying "don't worry we'll pay you eventually".. Yeah right.. maybe in the next year or maybe five years. In the meantime he's got to put a second mortagage on his home in order to keep operating. It often isn't the broker.. there are alot of shit shippers out there too. ALOT!!!
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Way back 35 years ago when I started brokering freight common terms were net 7 days and 99% of shippers complied. That turned into 14 days... which turned into 30 and now if you're paid in under 60 (on a regular basis) it's viewed as a good account. Those that deal with fuel companies, the railroads feel the pinch because they still want to be paid in 30 or less. But when you send out payables in 30 or less and your receivables are at 60... even with my poor math skills you can see there will eventually be a problem.

If... brokers & carriers would make a stand against shippers that stretch their freight bills to 60, 90 or 120+ ah what am I saying... we can't make a stand about anything let alone this...

Rant over.
 
Freight Broker

Freight Broker

Well-Known Member
30
I certainly pay my bills faster than I get paid.. It isn't so bad when business is fairly steady as there's always a steady stream of money coming in.. doesn't matter if that 20K is from yesterday or two months ago. But when sales spike as they do now..oh my.. I've got $350,000 sitting on my operating line now.. and growing. I guess I could stall on some payments, but I don't dare do that because once days to pay start to slide then sales fall as carriers disappear.. (the problem kinda solves itself in an unsatisfactory way).. But this only happens when sales suddenly go through the roof as they have in the last four weeks.. Slow January through mid February and then boom...
 
O

otrdriver

New Member
1
Most of the tractors are in Winnipeg. There was about 100 units parked on the lot and most of the trailers. Your link was for units in TO. Not long ago they went to TO and brought back the tractors. Not junk. Mostly late model Volvos and a few Cascadias. Maybe they left the junk in TO. I so not see any upcoming auctions for the Winnipeg stock.
 
Rob

Rob

Site Supporter
30
Anyone else getting a call from a law firm in Burlington ( sorry did not get the name) saying they are going to go after the money carriers are owed with demand letters to the shippers and receivers?
 
N

Nomad_42

New Member
2
Rob said:
Anyone else getting a call from a law firm in Burlington ( sorry did not get the name) saying they are going to go after the money carriers are owed with demand letters to the shippers and receivers?
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I called the shipper/receiver for the load they owed me and they refused to pay me because they paid Schroeder already. Same thing happened with Maisliner when they went under. It really has been a joyful year.
 
Freight Broker

Freight Broker

Well-Known Member
30
That sucks, but why should the shipper pay twice. Better off to go after the principals of Schoeder & Maisliner. Making the shipper pay twice isn't right either..
 
E

economy

Active Member
15
Freight Broker said:
That sucks, but why should the shipper pay twice. Better off to go after the principals of Schoeder & Maisliner. Making the shipper pay twice isn't right either.
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I tend to disagree. Cargo owner is at control at all times with whom they engage to deal. If it comes to their poor decision, let them be responsible and pay twice. Carrier who invested into transportation of cargo should not suffer due to shipper/consignee poor decisions and must be compensated for rendered services.
 
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