Late Payment Compensation in County Durham
You could be sitting on a goldmine!
If your company is based in County Durham and your business customers ever failed to pay on time then we can help you realise the goldmine hidden within your accounting records. Please call us during business hours on 0330 053 9263 to discuss your potential claim in total confidence.We have local representatives to help you and we have clients throughout County Durham from Chester-Le-Street to Darlington and from Barnard castle to Hartlepool.
Key legislation was introduced almost a decade ago to combat the late payment of debt. The United Kingdom was among the first countries in the European Union to implement late payment legislation to promote a culture of prompt payment. Since 1 November 1998 there has been a statutory right to interest for late payment for small firms owed money by other commercial entities or the public sector, when the Late Payment of Commercial Debts (Interest) Act 1998 came into force.
The Late Payment of Commercial Debts (Interest) Act 1998 had two purposes. Firstly, to provide compensation to creditors for the costs associated with the late payment of debts. Secondly, to discourage the prevelent culture of late payment of invoices.
In brief, for invoices that were not paid on time, the act enables you to claim interest and compensation even if you had no such provision was in your contract, even if the invoice has since been paid.
The legislation provided for interest to be a statutory right, claimed at 8% over the Bank of England base rate and also for three tiers of compensation. £40.00 compensation can be claimed for debts under £1000.00, £70.00 for debts under 10,000 and £100.00 for debts over £10,000. There is no minimum debt value. If you invoiced your client for just £2 but they paid you late even by a day then you are still entitled to £40 compensation. It may sound too good to be true, but it absolutely the truth! Check on google here if you wish!.
Each transaction is viewed as a individual debt so effectively the compensation can be calculated and applied to every individual invoice. Under the statute of limitations you can go back six years. If you have invoiced a customer many times over the last six years then the compensation due could be substantial, potentially amounting to thousands of pounds for many of your customers. If you add up all the customers you have had over the last six years, you can start to imagine the size of the goldmine hidden in your ledgers!
Interest and compensation can be claimed even if the principal debt has been paid. One can retrospectively go back up to six years to claim interest and compensation on invoices that were paid late. They are a statutory right and no contract can deny you that right.
A forward-thinking business owner might even make sure they invoiced each separate item on a separate invoice rather than compiling multiple items on to a single invoice. By doing so they would make it clearer that each item was a separate transaction and thus ensure they receive the proper compensation for each transaction should the invoices fail to be paid on time.
The provisions of the Act are however limited to the commercial supply of goods and services to other businesses and does not apply to goods or services provided to consumers.
The statutory right to claim interest, compensation and the other entitlements are not compulsory and it is for the supplier to decide whether or not to use rights made available. Part of maintaining any successful business is good cashflow management and the late payment legislation can help you with your credit management.
The compensation provisions are still rarely used by suppliers. Sometimes businesses do not want to damage the relationship with their existing customers. More often, late payment compensation is only claimed by those in the know once the relationship has soured or gone stale. CPA would be happy to help businesses collect the compensation to which they are entitled. This is particularly useful in respect of former customers with whom you are no longer trading. It is crucial to act now before some of them could go out of business – then it could be too late….
How CPA can help!
Please bear in mind that the statute of limitations blocks claiming on invoices over six years old. So do not delay or those claims respecting six year old invoices will be lost and never be recoverable. This would be a tragedy, so PLEASE ACT NOW. Call us on 0330 053 9263. TThe collection of compensation is on a no win, no fee basis!
The Credit Protection Association provides businesses of all sizes throughout County Durham with all the debt recovery services they need, all under the one roof, via our website, including customer credit information, debt recovery and credit protection services.With CPA’s extensive experience in credit management, we can provide you with expert assistance and a tailored solution, regardless of any business size.
The Credit Protection Association can look at your accounts and quickly and easily produce a report for you detailing your potential claims against current and former clients that you have traded with over the last six years.
CPA can then take assignment of these debts and oversee the complicated and laborious task of producing your claims and collecting the compensation. We will take on all the costs of pursuing the debts plus any necessary legal expenses. You can just sit back and watch the money flow in.
Whether you are facing a cash flow crunch and are threatened by your creditors with insolvency , or are considering retirement and closing up, or if you are just want to realise what you are due and take a stand against late payment, then we can help.
You will have complete control over which claims we pursue and we will only pursue claims against the debtors you select from our report.
Please call us on 0330 053 9263 to have a confidential no-obligation discussion on the Late Payment Compensation you are due. Alternatively, either email us or use our contact form.
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