M
mcgradya
Guest
Live in Florida, work for a manufacturing plant on the coast.
Three weeks prior to the disbursment of annual bonuses (Sept 2001) my vehicle was rear ended leaving me without transportation. The CFO stated that I was scheduled to receive 4800.00 for a bonus and wrote me a check for 4000.00 stating that the 4000.00 would be deducted from my bonus check and that I might owe a couple of dollars for taxes. I took the money and purchased a new vehicle and continued on. When the bonus checks came out (Oct, 2001) mine was 18??.?? netting somewhere around 1300.00. I called the CFO to thank him for the great bonus thinking that my bonus was for 5800.00 (Bonus criteria was up to 10% of salary based on company financial standing). It was at that point that I was informed that the 18??.?? was my bonus and that I owed the company 4000.00 dollars now. The president apparently went through and hacked all the bonuses by 75%? or so. At no time was there any discussion of a "loan" only that I was being advanced a portion of my bonus early. No contracts were signed, no loan paper work filed or anything. Now starting on 4/10/2002 the company started taking 40.83 a week out of my check and now on 4/24/2002 I am being forced to sign a document that states the following:
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FOR VALUE RECEIVED, the undersigned promises to pay to the order of (The Company and its address), the sum of 4000.00, plus interest at a rate of six percent (6.00)% per annum on the unpaid balance until paid. The said principle shall be payable in weekly installments of $40.83, each week starting April 10, and continuing each week thereafter until said principle is fully paid.
IF default be made in the payment of any installment under this note, and if such default continues for a space of thirty (30) days, then and in that event the entire principal hereof shall be at once become due and payable without notice, at the option of the holder or holders of this note. Failure to exercise the same in the event of a subsequent default. In the event of default in the payent of this note for any amount due under the terms hereof, and if the same is collected by attorney at law, then the undersigned agrees to pay all costs of collection, includeing a reasonable attorney's fee. Presentment, protest, notice of dishonor and notice of protest are waived by each every endorser.
Sign___________________________________
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I already protest that the advance has been turned into a loan
and this document says nothing about them not being able to fire me until this is paid in full. I've worked here for 2 years and feel
as though I'm not in line to be dismissed but this doesn't excuse how I came to be "Entrapped". Any ideas?
Three weeks prior to the disbursment of annual bonuses (Sept 2001) my vehicle was rear ended leaving me without transportation. The CFO stated that I was scheduled to receive 4800.00 for a bonus and wrote me a check for 4000.00 stating that the 4000.00 would be deducted from my bonus check and that I might owe a couple of dollars for taxes. I took the money and purchased a new vehicle and continued on. When the bonus checks came out (Oct, 2001) mine was 18??.?? netting somewhere around 1300.00. I called the CFO to thank him for the great bonus thinking that my bonus was for 5800.00 (Bonus criteria was up to 10% of salary based on company financial standing). It was at that point that I was informed that the 18??.?? was my bonus and that I owed the company 4000.00 dollars now. The president apparently went through and hacked all the bonuses by 75%? or so. At no time was there any discussion of a "loan" only that I was being advanced a portion of my bonus early. No contracts were signed, no loan paper work filed or anything. Now starting on 4/10/2002 the company started taking 40.83 a week out of my check and now on 4/24/2002 I am being forced to sign a document that states the following:
-----------------------------------------------------------------------------------
FOR VALUE RECEIVED, the undersigned promises to pay to the order of (The Company and its address), the sum of 4000.00, plus interest at a rate of six percent (6.00)% per annum on the unpaid balance until paid. The said principle shall be payable in weekly installments of $40.83, each week starting April 10, and continuing each week thereafter until said principle is fully paid.
IF default be made in the payment of any installment under this note, and if such default continues for a space of thirty (30) days, then and in that event the entire principal hereof shall be at once become due and payable without notice, at the option of the holder or holders of this note. Failure to exercise the same in the event of a subsequent default. In the event of default in the payent of this note for any amount due under the terms hereof, and if the same is collected by attorney at law, then the undersigned agrees to pay all costs of collection, includeing a reasonable attorney's fee. Presentment, protest, notice of dishonor and notice of protest are waived by each every endorser.
Sign___________________________________
------------------------------------------------------------------------------------
I already protest that the advance has been turned into a loan
and this document says nothing about them not being able to fire me until this is paid in full. I've worked here for 2 years and feel
as though I'm not in line to be dismissed but this doesn't excuse how I came to be "Entrapped". Any ideas?