RE: FN-FORUM Late Payers

date posted 1st November 2000 23:45

That is no different to the present legislation regarding overdue invoices
to small business.

You are only allowed BY LAW (as I found out at my expense as directed by a
judge) to charge interest on the original outstanding debt rather than any
other charges for administration etc. You are also not allowed to charge
interest on the interest (compound I believe they call it).

Any county court will provide you with a leaflet that includes a formula for
calculating daily interest that you are allowed to charge.

If you wanna know a "I got screwed" story on bad paying clients, ask me.


Regards


Darren
http://www.arkad.leeds.co.uk



-----Original Message-----
From: [EMAIL REMOVED]
[EMAIL REMOVED] Behalf Of Marc Weaver
Sent: 01 November 2000 23:15
To: [EMAIL REMOVED]
Subject: Re: FN-FORUM Late Payers


A few weeks ago there was a thread about late payments. As of today if you
run a small business and you are owed money by another small business, under
the second phase of the Late Payment Act you will now be able to effectively
fine them. The Late Payment Act gives small businesses the right to claim
interest on outstanding debts at 8% above the base rate, which would mean
14% at the moment.




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