With this information it is possible to make a recommendation on what options are available, and the various pros and cons of each. Invoice for the work done - include the above form of words if you have any doubt about the client paying on time. Your right to charge interest on late payment and claim compensation for recovering the debt. Contract" means a contract falling within section 2 1 ; and "foreign law" means the law of a country outside the united kingdom. Hold in interest rate for commercial late payments.

The rate of late payment interest is 8% above base rate. Because it determines which late payment regulations, if any, apply. Your right to claim interest on late payments.

Note: france and germany are included for testing purposes only. Premier mortgage club. The legislation is called the late payment of commercial debts interest act 1998. Ask whether this is the only reason for late payment and offer to fax a copy immediately. Clients who pay late must by law pay compensation and penalty interest. Cheap car loans. Your right to claim interest on late payments. Your right to claim interest on late payments.

How should i inform purchasers that they will be charged interest and/or reasonable debt recovery costs if they pay late?Keep up to date with the latest small business news, advice and articles. Mutual building society. For help and advice to avoid being chased for monthly payments call 0800 138 5445, or complete the enquiry form. Stop being chased for late payments. Part iii: imports, exports and foreign contracts. What is the definition of a late payment? The following are a few simple guidelines for what to do when being pursued for late payments. Loans on cars.