Monday, June 1, 2020

Making Sure You're Paid What You're Owed



There are various reasons we choose to do the jobs we do. Some of us are deeply invested in the field and genuinely interested in the work that we do. Some of us help others through our roles and enjoy seeing the positive impact we can have on the world. Some of us are interested in advancing human thought, technology, science, or other progressive areas. But when it comes down to it, often the reason we do what we do on a daily basis is to earn money. We need to be able to live - putting a roof over our heads, food in our stomachs, and keeping ourselves warm. We also want to afford some luxuries in life - nicer houses, better furniture, clothes we like, holidays, experiences and more. So, it’s obviously pretty frustrating when you’re not paid what you’re owed for your hard work. There are also other areas in our lives where we find that we are owed money and will await payment or payout. Again, in this situation, it can be frustrating to not receive money as and when it’s expected. So, let’s take a moment to go through a few common situations where people await payment and how to effectively deal with them!

Work

You work hard for your money. So, it should be paid as and when agreed. For employees, this is relatively straightforward and there are often payroll employees or departments who ensure all wages are paid on time. But if you freelance, this can be a bit more difficult. You can often find yourself chasing clients for payment for a long time. The key to fast payment is to make sure you invoice as soon as work is complete and keep chasing up. If this is still to no avail, you may want to bring in legal intervention.

Insurance Claims

We pay insurance premiums for a reason. If you actually need to claim on your insurance, you should get the money you’re entitled to quickly. But many companies are renowned for putting off paying you in the hopes that you just give up and forget it. So, be persistent. If the company still fails to pay up, it’s good to be aware that they could be liable for up to 25 percent of the claim amount, plus reasonable attorney fees.

Personal Sales

Many of us sell old belongings online. Never send an item before receiving payment. Otherwise, you can really struggle to be paid and the buyer may never cough up. Instead, make sure the payment has been safely transferred before posting or otherwise handing over the goods. It’s nice to want faith in people, but it’s always better to be safe than sorry.

These are just a few areas in life where you may be owed money. Sure, we tend not to like talking about the subject. But hopefully, the above information will help to guide you in the right direction to reclaim money that you are owed!

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