Late Payment of Commercial Debt Regulations 2002
Under the Late Payment of Commercial Debts (Interest) Act 1998 as amended and supplemented by The Late Payment of Commercial Debts Regulations 2002, creditors can charge a company or a sole trader, but not a private individual, compensation for failure to pay an overdue invoice at an increased interest rate which can be charged from the date the invoice(s) became due for payment. Under these Regulations you are entitled to claim late payment compensation as follows:
Debt Size:
Up to £999.99
£1,000.00 - £9,999.99
£10,000.00 +
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Compensation:
£40.00
£70.00
£100.00
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If instructed, we will demand such compensation at the letter service stage.
For more information contact Jon Tullock, head of debt recovery on +44 (0)113 2977731 or by email at jtullock@shulmans.co.uk |
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