I am sure you have asked yourself the question…
“Why should I bear the cost of collecting what is in effect my own money?”
Well you may not have to by way of the Late Payment Act.
The Late Payment Act enables you to offset the cost of debt collection. This means when we are successful in collecting your debt the majority of the collection cost is born by the debtor.
Using this Act of Law helps to redress the balance with regard to the cost of chasing overdue commercial debts, we at Debt Solve will to help you by offsetting the appropriate cost of collection utilising the late payment charge and accrued interest – Interest is currently applied at 8% over base.
The team at Debt Solve will be happy to discuss how to integrate the benefits of The Late Payment Act with your credit control department.
For a no-obligation discussion please contact us through this form or call us now on 01527 543672
The current regulations are known as: The Late Payment of Commercial Debts Regulations 2002 and came into force on 7th August 2002.
These regulations extend to England, Wales and Northern Ireland. Follow this link for a copy of The Late Payment Act 2002.
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