Road Solutions Logistics RLS
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I have done 3 or 4 loads over the last couple years no issues. I have one current invoice with them also.
I have invoice at 95 days and still counting. Going to call their customer. Kristal's voice mail is full. She called us 3 weeks ago and said that she was away and there was no one in the office to cover her duties, she also said she will drop check in the mail ASAP upon her return. We overlooked red flags, seems like they were buying time. If anyone has more info on this clowns, please post it!
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ranger_dispatch
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We got a call from Krystal yesterday saying one of her customers went under which cost her around $70000 and now her insurance company will be paying all carriers, but they need a week or so to set everything up. Don't know if I should believe her or not? We have one invoice pending with her from July 2014
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Other than Export Development Canada, I can't say I have heard of "insuring your receivables". I suppose you can get insurance for just about anything if you're willing to pay the premium. Like yourself Danny, I would be skeptical. Please let us know if the insurance company comes through with this.
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You have her insurance company's contact information and policy number, yes? Call them and ask them if they are paying their clients debt. You'll have your answer pretty quickly, then your next call is shipper/consignee!
I hope you are successful quickly.
Keep well,
Mike
I hope you are successful quickly.
Keep well,
Mike
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You can insure your receivables - more specifically against a new account. It's a rather smart idea. I know a business owner who did this many moons ago. It was a lot of business at once - well over $300K. The owner was skeptical on credit worthiness - even when references/bank seemed solid. He purchased insurance against the receivable - long story short the customer's customer went belly up - thus leaving the new account unable to pay. It was easier to take out the insurance back then - as no one really went the "take to court" route. Not like today....
In the end the owner was fully covered - and was paid every last dime by the insurance company.
In the end the owner was fully covered - and was paid every last dime by the insurance company.
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That is really interesting, never heard of that myself. I am curious to what the premiums would be?
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I'd be curious as well. As noted - this was done 15+ years ago. I'm sure it cost a bit of money at the time - for that dollar amount. But taking the loss would have been catastrophic. It was a smart move...by a smart businessman....
As Loaders noted - you can insure just about everything nowadays....
As Loaders noted - you can insure just about everything nowadays....
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Just guessing, but I would have to assume that the premiums would be prohibitive. The insurance industry, as we all can attest, is very different than 15 years ago and much less willing to take any risk without a very healthy premium to go along with it. The outcome of this situation is something I'm sure we'd all be interested in hearing.