Late payments of Commercial Debts; Are you seeking expert assistance in securing late payments of commercial debts and charges for interest and compensation on top of the outstanding balance that is owed to your company?
We have a dedicated commercial debt recovery team at Oakwood Solicitors.
Our highly trained and experienced debt recovery specialists could aid your company with the retrieval of funds that are owed by commercial clients plus charges for interest and compensation cases that qualify.
The Late Payment of Commercial Debts (Interest) Act 1998 allows for companies to charge interest and compensation to other businesses who failed to pay invoices for goods or services on time.
Interest can be charged at up to 8% over the Bank of England base rate and the timeframe of up to 6 years in which this interest can be claimed.
In addition compensation can be claimed for each unpaid invoice ranging from £40 and debts of up to £999.99 the £100 for unpaid invoice amounts of £10000 and above. This can be added to the outstanding debt as soon as payment is late.
Late Payment Interest and Compensation cannot be charged in cases where a contract contains provision for interest on overdue invoices or if the contract is a consumer credit agreement.
In addition if the goods or services were purchased on or after 16 March 2013 reasonable costs can be charged to the commercial client to has been late in paying the invoice if the compensation being claimed as not cover any costs that you incur to retrieve the outstanding funds.
The dedicated debt recovery team at Oakwood Solicitors were recently contacted by a client who required expert assistance to secure outstanding funds of £875.95 from Mr M in London.
The professionals at Oakwood Solicitors could recover the money that is owed to your company to the late payment of commercial clients for goods and services along with interest and compensation that applies as quickly and efficiently as possible for you.
There is no requirement for an invoice to be issued for interest and compensation, the customer can simply be informed that it will be claimed from them.
WHAT TO DO NEXT
Make a no obligation call to our experienced advisors for a free initial consultation to discuss your debt recovery requirements on: 0113 200 9720.
