Late Payment Of Commercial Debt
Are you chasing late payment of commercial debt from business clients in York?
If the answer is yes, then you should make a no obligation call to the commercial debt recovery experts at Oakwood Solicitors.
You could benefit from the professional services of our extremely dedicated team when looking to secure payment of outstanding debts that are owed by business clients.
Process of pursuing late payments
When pursuing late payments from business customers who have failed to make invoice payments on time, there’s a Late Payment of Commercial Debts (Interest) Act 1998 to assist you.
The Late Payment of Commercial Debts Act 1998 allows a Late Payment Demand to be issued to non-paying businesses charging at least 8% above the Bank of England base rate on the outstanding debt.
In addition, it allows for compensation of between £40 and £100 to be claimed for each unpaid invoice.
The interest and compensation can be charged as soon as an invoice payment becomes overdue, and there is six years in which it can be claimed.
Furthermore, compensation and interest can even be claimed as the original debt is settled if it was paid later than the agreed date.
Case study
Client contacted our team who sought expert assistance in their pursuit of outstanding funds of £753.36 from Mr S in Crawley.
Our team were able to assist the client and recover the monies owed in a professional and swift matter.
WHAT TO DO NEXT
If your business is looking for a solicitors firm that can potentially provide ‘no-win, no-fee’ legal representation in regards to debt recovery then you can contact the team at Oakwood Solicitors Ltd who will gladly assist your business in the UK today on 0113 200 9787. Or contact our debt recovery department here.
