Debt Interest Payments Doncaster
Debt Interest Payments; Is your organisation owed a certain amount of debt by a commercial client and you are now looking at charging interest payments to this particular organisation in Doncaster? The team at Michael Lewin Solicitors have developed many different solutions in regards to recovering debt and they will be able to look at issuing a Late Payment Demand against an organisation charging compensation and interest payments for every single day that the debt is overdue.
A Late Payment Demand and when your organisation is able to use this
A Late Payment Demand (also known as LPD) can be an extremely effective way of getting a contribution to your collection costs or even covering them completely. You’re actually able to charge interest at 8% over the Bank of England Base Rate and a certain amount of compensation ranging between £40 and £100 for each unpaid invoice. There are however certain requirements that your business will need to satisfy before you can issue a Late Payment Demand and you are able to use this particular method if:
• Your organisation has supplied goods and services.
• The buyer or debtor involved bought these for business purposes.
• The actual contract is not a consumer credit agreement.
• The contract does not contain any provision for interest on overdue invoices already.
• The order for this product or service was place after 6 August 2002.
If your organisation does not satisfy the above then unfortunately you may not be able to issue a Late Payment Demand however our team will be able to look at your business drafting a Letter Before Action which is also an extremely cost-effective way of recouping outstanding finances however this particular letter does not allow you to charge interest.
Based on the information above I do believe that my business will be able to charge debt interest payments to an organisation in Doncaster however how do I start this process with Michael Lewin Solicitors?
The process of starting the debt collection procedure with our team could not be simpler as all you need to do is give us a call and speak to our specialists who will gladly provide you with a no obligation consultation. During this consultation we will be asking you various different questions to ensure that a Late Payment Demand will be effective for your business and its desired outcome for example if you need to maintain a working relationship with the client in the future then our team would not recommend this method as it can damage relationships we would therefore recommend sending a Letter Before Action which is a slightly less forceful method and generally business relationships remain unaffected when using this method. Because of the expert experience that we have in regards to debt recovery laws and because of our high success rate in this particular field we do receive many enquiries from businesses across the UK and we were recently contacted by a business that needed to recover £805.92 from Ms F who was from Manchester.
If your business needs a highly successful solicitors firm that can look to issue a Late Payment Demand charging debt interest payments to the debtor in Doncaster or if you are seeking help and advice in regards to any aspect of debt recovery law then you can contact the highly successful team at Michael Lewin Solicitors for advice and assistance today on:0844 847 2323.
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