Our debt collection service is designed to deal with collecting your money in an efficient and effective manner, where you feel legal action is not appropriate at this stage. Our collectors have strong negotiation skills and the service includes an ADR (Alternative Dispute Resolution) service.
Our collector’s construction industry expertise and experience gives us an advantage over other collection agencies.
This service is suitable for cases where:
- You intend to or you are continuing to trade with your customer
- You believe there maybe a dispute or you are unable to rule out the possibility of a dispute being raised.
- Little or no 3rd party collection activity has taken place.
Statutory Late Payment Interest, Compensation and Collection Charges
The Late Payment of Commercial Debts (Interest) Act 1998 and The Late Payment of Commercial Debts Regulations Act 2002 allows you to charge interest and compensation on overdue, commercial debts.
The legislation allows you to claim interest, currently at 8% above base rate, and a compensation figure depending on the amount that is overdue:
|Size of unpaid debt||Sum to be paid to the creditor|
|Up to £999.99||£40.00|
|£1,000.00 to £9,999.99||£70.00|
|£10,000.00 or more||£100.00|
It also allows you to claim reasonable collection costs not covered buy the compensation figure you have been awarded.
You can calculate how much you can claim by using our interest calculator.