Late Payment Of Commercial Debts Uk
Are you seeking experienced legal professionals that could assist you in your pursuit of late payment of commercial debts that are owed by non-paying business clients in the UK? Then look no further than the commercial debt recovery specialists at Oakwood Solicitors as our dedicated team could use their vast knowledge and experience in this particular field to assist you in pursuing and obtaining the payment that you require from business customers.
The Late Payment of Commercial Debts (Interest) Act was originally established in 1998 with two main purposes – to compensate businesses to the late payment of debts to them and to deter business clients from making late payments.
The Act only applies in cases that involve the supply of goods and services to commercial clients for business purposes where there was no provision for interest in the terms and conditions of your contract.
Interest can be charged at up to 8% above the Bank of England base rate on the outstanding balance of the invoice as soon as payment becomes overdue along with compensation that can be claimed for each unpaid invoice raging between £40 and £100 depending upon the invoice amount.
This interest and compensation can be claimed up to 6 years from the date that the payment was originally due even after payment has finally been secured.
Additionally orders placed after 16 March 2013 if the compensation does not cover the costs that you have incurred for the recovery of the outstanding debt reasonable costs can be charged to the debtor.
Are you chasing late payment of commercial debts from business customers who have failed to make payment on time on invoices for goods or services that were purchased from your organisation in the UK? Then you should consult with the commercial debt recovery experts at Oakwood Solicitors over a no obligation call to discover how our extremely dedicated team could help you obtain payment in full of outstanding funds quickly and cost effectively as well as charge interest and compensation to the debtor on top of the outstanding balance.
The commercial debt recovery specialists at Oakwood Solicitors were recently contacted by a client seeking assistance to recoup outstanding funds of £805.92 from Ms N in Worcestershire.
Are you like the above-mentioned client requiring the assistance of our commercial debt recovery specialists to help you with the retrieval of outstanding funds? Then don’t hesitate to get in touch for a fast and reliable service to help you secure payment in full in most cost-effective debt recovery method available in your particular circumstances.
If you require the specialist services of dedicated debt recovery solicitors to aid your organisation in its pursuit of late payment of outstanding commercial debts that are owed by business clients who have proved to be unwilling to pay for the goods or services provided by your company within the agreed timescale you should make a no obligation call to the highly skilled professionals at Oakwood Solicitors for fast cost-effective and tailor-made debt recovery solutions wherever you are in the UK on: (0844) 847 2323.
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