When you work with our commercial debt recovery lawyers, we can help you recover not only the debt owed to you, but also any interest that may be payable on the debt too. We have excellent experience in handling commercial debt recovery from issuing pre-action letters, to enforcing judgments obtained and can guide you through the process with agility and professionalism.
Our lawyers understand that recovering the maximum amount possible can make all the difference to your business operations, and we always balance the cost of recovery action against the likelihood of repayment. To discuss your specific needs and concerns with us, call today on 0151 659 1070 or complete our online enquiry form and we will get back to you right away.
Can I claim interest on late payment of a debt?
Under the Late Payment of Commercial Debts Regulations 2002, you may have a statutory right to claim interest for late payment of debts.
Often, invoices and contracts will already make clear that you will exercise this right if payment is not made on time. As a result, where payment is late, in accordance with the terms of your invoice, you can claim for interest on the amount owed. If your invoice or contract states that payment will be made in instalments, you can claim statutory interest separately on each instalment paid late.
Statutory interest runs payable from the date that goods or services are delivered if there is an agreement that payment is to be made ‘up front'. Three Graces Legal will, therefore, claim the amount of interest based on the number of days late using the relevant legislation. Alternatively, you could include a contractual right to interest clause within your contract's trading terms.
In addition, we can also seek to recover a fixed sum to compensate you for the costs of collecting the debt which is:
- £40 for debt less than £1,000;
- £70, for a debt of £1,000 or more but less than £10,000;
- £100 for a debt of £10,000 or more.
Late payments can have a very serious impact on your business, and so it is essential that you claim the maximum amount owed to you when recovering debt. Contact us today to find out how we can help you.
Contact our debt recovery solicitors in Liverpool, Wirral, Merseyside and across England & Wales
If you need a strategic and cost-effective team of specialist debt recovery lawyers, Three Graces Legal can help. We always fight for your best interests and are ready to help you take control of financial worries in your business. For free initial advice with one of our experienced solicitors, call now on 0151 659 1070 or complete our online enquiry form and we will get back to you right away.