You may have tried all methods of encouraging payment yet you’re still not being paid for goods or services that you’ve provided. If that’s the position you’re in, you are entitled to claim Late Payment Interest. This can be highly cost-effective as it can contribute to collection costs or even off set them. You can claim interest at 8% over Bank of England Base Rate and compensation of £40 – £100 for each unpaid invoice. Interest rates are set for 6 months, so they don’t keep changing as Base Rate changes.
The compensation entitlement varies in accordance with the size of the debt:
5 Reasons To Allow Us To Claim Late Payment Interest:
Improve your cashflow
Deter persistent late payers and high credit risk customers
Use it as a negotiation tool to recover the amount by waiving compensation
Allows you to focus on core responsibility of the development and growth of your business
You’re entitled to it!
Plus, if you’re concerned about damaging the goodwill of the relationship with your customer, then by allowing us to claim on your behalf, you are personally removed from the negotiations. By integrating the legislation into your payment terms, your customers will become educated to the fact that this is the way you like to do business. However, don’t forget if they are persistent late payers, they may not be the best customer for you!
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Gaurav is our senior consultant solicitor with 18+ years of litigation experience. Having dealt with contentious commercial cases that have found their way in the Civil Procedure Rules (CPR), he is the exciting new addition to our team.
Gaurav is the designated supervisor for Dispute Resolution and oversees the team to maintain the high standards our clients deserve.
Our Coronavirus Policy
It remains business as usual for the team at LRC Ltd, however as Coronavirus spreads, we would like to update you on what we are doing to minimise any potential disruption and continue to provide you with the service you expect from us to support you.
We already have a business continuity plan in place for such an event and have reviewed this in light of Coronavirus. As part of our plan, we are:
• Following the Government guidelines to reduce the risk of infection and spread of the virus
• Using video/phone conferencing wherever possible to remove the need for face-to-face meetings and travel
• Identifying vulnerable employees and checking travel plans
• Many of our staff already have the facility to work from home and we are extending this to more staff where possible
• Phones are easily diverted and we can operate from a number of locations
• Briefing all our staff on how to reduce the risk of infection to themselves and the people they come into contact with.
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