It is possible to claim statutory interest at the rate of 8% per annum regardless as to whether or not your terms and conditions include provisions for late payments.

It may be that under your Terms and Conditions you are entitle to Contractual Interest which we could claim on your behalf.

The Late Payment of Commercial Debts (Interest) Act 1998 allows the following to be added to overdue invoices :-

• Interest at 8% above base rate.
• Fixed collection costs per invoice of £40, £70, £100 depending on the invoice sum.

Claiming interest and late payment penalties is a useful negotiating tool in securing the max possible return on the sums outstanding.