Commercial Debt Interest Doncaster
Commercial Debt Interest; Is your organisation owed commercial debt from a business client and you are now looking to use a solicitors firm who can help you issue a Late Payment Demand charging interest to the business in Doncaster? The team at Michael Lewin Solicitors will be able to provide your organisation with helpful advice about claiming compensation and interest from the debtor who owes you outstanding funds and they will be able to discuss the best methods of recouping outstanding debt on your behalf during a free no obligation consultation.
How your commercial organisation can charge interest to a debtor
Under the Late Payment of Commercial Debt Regulations 2002 your business is legally allowed to charge compensation and interest to another business if you have exchanged in a relationship with this organisation and provided them with a product or service. Y are able to start charging interest even if the debt is only overdue by one single day and the amount of interest is up to 8% above the base rate set by the Bank of England. There are however some rules that you will need to abide by when issuing a Late Payment Demand and the team at Michael Lewin Solicitors will be able to use their wealth of knowledge in this field to ensure that you stay lawful when charging interest and compensation to a debtor.
The benefits of charging interest and issuing a Late Payment Demand
There are many benefits to charging interest and compensation to an organisation by issuing a Late Payment Demand and a large proportion of our clients do recover commercial debt using this method. Businesses who receive a Late Payment Demand drafted by a successful solicitor are more likely to pay as they fear facing legal action and also it places a huge amount of pressure on this organisation as the amount that they owe increases on a daily basis.
If my business is owed commercial debt; I understand that the interest I can charge is 8% above the base rate set by the Bank of England however how much compensation can I charge against a debtor in Doncaster?
This all varies depending on the size of the debt that your business is owed and our team will be able to discuss your individual circumstances during a free no obligation consultation. Many businesses do receive advice from our team during this initial consultation and we were recently contacted by a business that needed to recover £983.32 from Mr B and our team will have discussed the options available for this client. If however our team could start the debt collection process on this organisation’s behalf and we were legally allowed to issue a Late Payment Demand due to the circumstances then the amount of compensation we may have been able to charge would be £40 in this case as the Late Payment of Commercial Debt Regulations 2002 state that £40 compensation can be charged to an organisation if the debt is up to £999.99 even if the debt is only overdue by one single day.
If your organisation needs advice in regards to recouping commercial debt owed to your business and you are looking to charge interest and compensation to your debtor in Doncaster then you can contact the team at Michael Lewin Solicitors for a no obligation free consultation today on:0844 847 2323.
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