Brokers going broke, filing bonds against 3 in the last 60 days.

Are you hauling for double brokers with new MC's by chance? What are the names of the brokers that went broke?

 

The only one that I know for went broke is Bluefin Transport, LLC out of Florida. We were $3300 into them that we won’t see. The other two, I’m waiting on their surety to let me me know, so no point in naming them if we get paid either through surety or them.

 

Half upfront once Loaded is a very old practice. Used to be common. Considered a gesture of good faith and strength. Covers fuel and maybe more, should the Broker go belly up and not pay. I’ve been stiffed once. Owner ran off with the Bank, and his girlfriend. left his wife with a mess. I got half of the money by convincing the wife I needed it for fuel to deliver the load. She fell for it. No apologies. I had already delivered early. Never got the other half. Only a small percentage, maybe $100 once the Bankruptcy settled

 

Young brokerage needed experience. We agreed on payment terms. I confirmed shipper and receiver also if the agent that hired me was the same they hired.

All questions I had were answered before I loaded.
Everyone was happy at delivery. I got paid, it was just good business.

 

I only work with brokers to get home and pay the fuel at least. But nearly every agreement I have doesn’t with brokers on their DAT agreement doesn’t allow for 1/2 up front. Do you guys do your own contracts with them?

 

Things to double check in this economy, don’t forget even they do pay and file bankruptcy in the next 90 days they are legally allowed to take it back

 

I got replies this morning from 2 of the surety bond companies that they have my claim in, but I should be aware that I should be aware that over $75,000 in claims have been made against both, the bond has been cancelled and they will accept claims for the next 2 months, as required by law. When that two months is up, they divvy up the $75k so that everyone gets a few Pennies and the broker will be back in business with his brother signed on to a bond for the new business. I’ve had good luck just sticking with only companies my factoring company will pay on. Zero issues there. Only problems have been with the ones they reject. Obviously, for good reason.

 

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Yep you beat me to it. Half up front is from the old days. Back in the early 80s most guys wouldn't take a load unless they got half up front, I know my dad wouldn't

 

I met up with an old family friend that drives for Maverick now and trains. He had a kid with him when we met up to eat and we were waxing nostalgia. Somehow ended up on a story of his where a wire didn’t come through so he drove the load back to the shipper. The kid has this odd look on his face and I ask him what’s wrong. “You mean they just gave you money?” I said no Comchecks were also a thing then too. “That’s still just money. You just walked around with wads of money?” I said it was a different time lol, didn’t have to worry so much about it back then.