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In my previous blog I talked about the importance of implementing good quality terms and conditions and how they can benefit your business.
We now have a number of customers receiving a low cost debt collection service from Debt Solve UK Ltd as a direct result of implementing new terms and conditions to their businesses.
How does it work?
Example: if your terms and conditions state your customer has 30 days to make payment, then payment is deemed to be late on day 31 and the following amounts can be added to the balance due along with interest at 8% above base rate (interest is calculated daily).
- For a debt less than £1,000, the sum £40.00 can be added.
- For a debt of £1,000 or more, the sum of £70.00 can be added.
- For a debt of £10,000 or more, the sum of £100.00 can be added.
The UK was one of the first countries in the European Union to implement late payment legislation and was designed to encourage prompt payment from businesses of all sizes.
Low cost debt collection is a now reality, talk to Debt Solve and save.
Image Credit William Warby