The Late Payment of Commercial Debts (Interest) Act was initially introduced in 1998 & gave businesses the ability to claim interest on unpaid commercial debts. The Act was amended in August 2002 so that business owners could also claim reasonable debt recovery costs. The current table of costs recoverable from a debtor is as follows:-
In addition to the above costs interest can also be claimed on the unpaid amount from the due date of payment. The current rate of interest is 8.5%.
The Late Payment of Commercial Debts (Interest) Act was amended again in March 2013 so that you can now also recover any reasonable costs incurred recovering your commercial debt - such as debt collection agency fees.
Credit Collections (UK) Ltd will help you to implement the Late Payment of Commercial Debts (Interest) Act so that you can significantly reduce your debt recovery costs & in many cases recover all of your costs from the Debtor.
Telephone Judy Wright on 01246 411931 for more information.
Alternatively, request further information.
1 Sheffield Road
Tel: 01246 411931