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Recovering Commercial Debts

Commercial debt recovery can be daunting at times. Having a customer who fails to pay on time can have a huge impact on the cash flow of your business.

There are a number of options open to you when considering how to pursue recovery of unpaid invoices and if you require further advice concerning these options then please get in touch.

One tactic open to a business is to ensure that you charge your customers late payment fees and interest which you are entitled to do in accordance with the Late Payment of Commercial Debts (Interest) Act 1998. This legislation only applies to the supply of commercial goods and services where you dont have a provision for payment of interest in your terms and conditions of business.

You can claim late payment interest and compensation if:-

  • You have supplied goods and services
  • The buyer bought for business purposes
  • The contract is not a consumer credit agreement
  • The contact does not contain terms for payment of interest for late payment

You can claim interest at 8% per annum above the Bank of England base rate. If no credit period was agreed the period when you can charge interest begins 30 days after you supply the goods or when the invoice is due to be paid.

You can also claim late payment compensation of £40 per invoice on monies due up to £999.99   From £1000 to £9,999.99 you can claim £70 per invoice and over £10,000 you can claim £100 per invoice.

You don’t have to tell your customers you will claim interest and late payment compensation, but it would make good common sense to tell them of your intentions.

You can not claim late payment interest or compensation under the legislation if your terms and conditions of business provide for interest or compensation. Consider updating your terms of business and ensure you tell your existing customers about the changes you have made.

If you require further assistance or advice, please get in touch on 01924 291122.

We're here to help.

Our highly skilled team of specialist solicitors have been established in the City of Wakefield for over 100 years.

Julie
kumer ali
Danielle
Jenny
Kerry
Marie
Anne
Claire
Sue
Sarah
Lisa
Claire
Jessica
Debbie
Ella
Sonia
Sally

You can trust us to be in your corner, right when you need us.

Rachel SteadRachel Stead
13:19 26 Nov 23
Can’t recommend Catteralls enough. Eleanor, Claire and her team have just helped us with a recent house sale. They were quick and efficient with responses. Even with me ringing and emailing plenty (very annoying) but nothing was too much for them. They did all things on our side promptly and kept us in the loop at all times. Will be recommending them and using again in future if needed.Thanks so much.Rachel and Harry.
Russ TebayRuss Tebay
17:20 04 Nov 23
Good service at a reasonable price
Andrew ElsbyAndrew Elsby
07:30 16 Oct 23
Personal touch. Well organised and knowledgeable.
Allison RobinsonAllison Robinson
13:53 02 Oct 23
We used Catterall's for the sale of a property and had excellent service throughout. Everything was done promptly, efficiently and accurately. We had experienced lots of errors with a previous firm and saw a marked contrast in the quality of service and professionalism from Catteralls. Danielle and Sue were knowledgable and helpful and were able to answer questions about the errors from the purchase of the property with a different firm so that we could move forwards quickly with the sale. Prices were reasonable and competitive but I would choose the firm again regardless of price because of the experience. It is the second time we have used the firm (previously for a different purchase) and I can highly recommend them.
gedlainggedlaing
08:59 17 Sep 23
My wife and I engaged Catteralls Solicitors conveyancing services to both sell our old house and to buy our new house. We can thoroughly recommend their services in this regard. In particular we would like to give excellent feedback to Ms Eleanor Parkin, our Conveyancing Executive at Catteralls, who dealt with us throughout the buying and selling process. Some aspects of that process became problematic but Eleanor went above and beyond that which was expected of her and ensured that any problems were resolved effectively and efficiently to ensure a smooth completion. Our engagement with her was always friendly and professional and we would be happy to recommend her professional services to others. Thank you, Eleanor!
Caroline WilsonCaroline Wilson
13:13 25 Jul 23
Thank you Catteralls for helping us with our recent house sale!! I will certainly recommend you to family and friends.Catteralls would be the first solicitor I came to if I needed any help in the future! Thanks again for everything. Fantastic communication, making a hard time in our lives that much easier. I can not fault a thing.☺️
ChoozersChoozers
22:51 17 Jun 23
I've used these for the sale of a rental property and my will and am also currently using them for a purchase of a residential property. Used them because my usual solicitors let me down. I can't comment on price because I didn't really shop around. A family member recommended them, and they've been good for me so far. Here, I've never felt like I haven't been able to speak to someone when I've needed to and they've always been on hand to explain anything I didn't understand. So far so good.
Kevin SlatteryKevin Slattery
09:53 08 Jun 23
Jenny and her team, saved the day after our sale and purchase almost fell through due to the poor performance of our previous solicitor. She was responsive, highly efficient and keep us informed throughout the whole process. We would only use Catteralls for any future conveyancing requirements. Many thanks Jenny, Sarah and the rest of the team!
RachelRachel
14:24 09 Mar 23
Jess looked after my case. It was most helpful in that I was able to do everything via email, so all I had to do on the day was sign some paperwork, therefore only needing to make the one visit, which was perfect for me.Jess was efficient & organised and made the process a smooth one.Thanks Jess I appreciate all you did for me. 🙂
Aneka RandallAneka Randall
17:04 09 Dec 22
Paul and his team have worked on our sale and purchase. The team have all worked extremely hard, going above an beyond. Everyone in the chain has commented how efficient they have been. I will certainly recommend to family and friends and would be the first solicitor I came to if I needed any help in the future! Thanks again.
Jade NuttJade Nutt
20:07 02 Nov 22
Jenny and her team were brilliant with our house sale and purchase. They answered all our queries, made sure we understood everything and kept things moving along. We are very great full for your hard work! Thank you!
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