Meaningful Financial Compensation for being paid late?

Yes it’s true and the entitlement is enshrined in legislation. It applies to the vast majority of business-to-business invoices in the UK when paid beyond agreed terms.

The Late Payment of Commercial Debts (Interest) Act 1998 has been updated, amended and strengthened over the years but it has still failed to catch the attention of business owners. This is possibly because the legislation is promoted as a means to encourage companies to settle their invoices on time – but IT DOES NOT!

The legislation can however be used to retrospectively claim compensation from ex-customers up to six years after payment (albeit late) was made. With every such invoice entitling the supplier to a minimum £40 compensation, the value of claims can soon accumulate to sizeable sum. For example, if a company is paid late on 30 invoices each month they are entitled to £1,200 per month in compensation. Over 6 years that amounts to £86,400 of pure bottom line profit without making a single extra sale. There is no need to upset current customers either as claims can be delayed until the customer switches to another supplier perhaps!

There are two obstacles to this windfall: –

  1. The huge amount of time and effort required to analyse the sales ledger and identify which invoices where paid late over the last 6 years and by how many days they were late.
  2. Having the resources and legal knowledge to successful turn the claim into money in the bank.

The Credit Protection Association plc (established 1914) spent over two years researching the accounting, technical and legal implications of applying Late Payment Legislation retrospectively and now offer a solution. Clients usually need to spend less than an hour with CPA’s experts who will then produce a full list of potential claims usually within 3 days.

The client then decides which claims to withhold until later and The Credit Protection Association plc uses its many years of collection experience to recover the balance of the claim. They positively encourage clients not get involved with communicating with Late Payment Compensation debtors as they have a team of trained experts to explain the legislation and procure payment.

They are realising clients’ claims worth tens and sometimes hundreds of thousands of pounds with no outlay whatsoever once the recovery process has begun.

CPA is passionate about late payment

The Credit Protection Association has been protecting smaller firms against poor payment practices for over 100 years.

We are passionate about breaking the late payment culture that holds back the UK economy and threatens many SMEs with cash flow difficulties being the single biggest killer of Britain’s small businesses.

If you were regularly paid late we can help. Those former customers used you to boost their own cash-flow, regularly paying you late.

As a result you had extra costs, you had the distraction of having to chase payment, you had opportunity costs because your capital was tied up in their late invoices.

Under little used legislation, you are entitled to compensation for those late payments.

Now you can boost your own cash-flow.

CPA can help unearth the those hidden treasures.

We have the technology to reveal the compensation you are due and we have the extensive experience and expertise to then turn those claims into cash.

Yes, CPA can help you boost your business cashflow.

Don’t let your bankers control you,  contact CPA today.

Read our blog here on how to crack down on the late payment culture.

Read our blog here on how to give late payers the slap they need.

visit our late payment compensation page

See our full blog and FAQ on late payment compensation

Ready to speak to an advisor?

Call us today

0330 053 9263

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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Do you have a problem with late payments?

The Credit Protection Association can help!

Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.

At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk. Our monitoring service can flag up warning signs long before the end, giving you the chance to adjust and reduce your exposure. We provide recommended credit limits and credit scores on a traffic light system and can help you set appropriate credit policies for your customers.

We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports however predict approximately 96% of company insolvencies long before they arrive.

Companies in trouble usually have very bad bad cash flow and they try to deal with it by delaying payment to their suppliers, increasing your exposure to them.

If you supply to businesses on credit help us help you identify the risks.

Why use a third party collector?

As a third party collector, we can also get your payments prioritised over those who are not as hot on collections. When you customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.

Over the years we have collected billions in overdue invoices for our customers.

Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.