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Debt recovery costs

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10 years 7 months ago - 7 years 8 months ago #128 by jimbo22
Replied by jimbo22 on topic Re:Debt recovery costs
The truth is no-one really knows too much about settling late payment demands.

There appears to be only 2 high court cases in regards to late payments. Defra v Ruttle and their appeal on the same case.

Hence the importance of hearing from people who have actual experience of the courts on our late payments demands.

I do agree, that there should be more action by the moderators on this site in regard to promoting this legalisation in a positive manner.

This legalisation if implemented could change how we do business in the UK. Maybe !

PLEASE KEEP POSTING ABOUT YOUR ACTUAL COURT EXPERIENCE'S. PLEASE, AS THIS IS THE ONLY WAY TO KNOW HOW EFFECTIVE WE CAN BE WITH OUR DEMANDS .

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10 years 7 months ago - 7 years 8 months ago #129 by jimbo22
Replied by jimbo22 on topic Re:Debt recovery costs
The truth is no-one really knows too much about settling late payment demands.

There appears to be only 2 high court cases in regards to late payments. Defra v Ruttle and their appeal on the same case.

Hence the importance of hearing from people who have actual experience of the courts on our late payments demands.

I do agree, that there should be more action by the moderators on this site in regard to promoting this legalisation in a positive manner.

This legalisation if implemented could change how we do business in the UK. Maybe !

PLEASE KEEP POSTING ABOUT YOUR ACTUAL COURT EXPERIENCE'S. PLEASE, AS THIS IS THE ONLY WAY TO KNOW HOW EFFECTIVE WE CAN BE WITH OUR DEMANDS .

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10 years 7 months ago #132 by David J
Replied by David J on topic Re:Debt recovery costs
Hello Edward

We could actually drop the 1998 off the title. So maybe we will do that.

Regarding the moderators.
If you look at Nick Wilson's CV you will see that he is very knowledgeable in credit management. Chris Harvey worked on the campaign with the Better Payment Practice Group (which Nick was part of) from 1998 to 2006 when the BPPG was disbanded by the B.E.R.R. I worked with Chris during that time and continued to look after the website and administer the 'Business doctor' with the help of the Small Business Service and the I.C.M. We are however just moderators on this forum and do not offer solutions, only advice drawn from experience. The same as others who are contributing on this forum. Nick, Chris and I give our time voluntarily on this site.

Name and Shame
There is another thread about about name and shame here:
which outlines the difficulties of creating such a list. As pointed out by James, The Forum of Private Business name and shame of companies that have extended credit terms to suppliers.

David

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  • Chris Harvey
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10 years 7 months ago #133 by Chris Harvey
Replied by Chris Harvey on topic Re:Debt recovery costs
Edward

Nick Wilson is Professor Nick Wilson who holds the Chair in Credit Management at the University of Leeds. He is a world authority on the subject. I and David ran the Better Payment initiative for nearly 8 years and decided to keep the site going so it would continue to be a useful resource for business people. We are all doing this voluntarily. We are all experienced business owners and want to do something constructive instead of just moaning that 'something should be done'.

The title of the site is put there to maximise search engine recognition. It is not a mistake. We want as many contributors as possible to provide a place where business people can help each other.

We are not lawyers and are not dispensing free legal advice. We are signposting information and putting people in touch with useful organisations/each other.

The supporters list is to help people find others with like minded business ethics. We agree that there are a lot of rotten apples out there but we would rather start with putting decent companies in touch with each other as it is a more positive route.

I hope this helps

Chris

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6 years 1 month ago #1646 by hels_roberts
I am currently in the process of making a small claim after non payment and have done all the ground work for this. I am claiming late payment intterest and debt recovery ontopof the initial invoice. On the online for it asks you to fill in:

Claim Amount:
Daily rate of interest up to the date of judgment:

Do I put in my initial invoice amount or my invoice + debt recovery cost? Also, does the daily rate of interest get effected by the debt recovery cost as assumed not and did not factor it in in my last invoice sent?

I hope this makes sense.

Thank you

Helen

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6 years 1 month ago #1648 by David J
Replied by David J on topic Re: Debt recovery costs
Hello Helen
Yes you must include the initial invoice amount including any VAT.
The debt recovery cost does not effect the daily rate of interest.

The daily rate of interest is calculated on the invoice amount only.

So if the invoice plus VAT was £1000.00

Your daily interest rate is: 0.2329 pence per day

If payment was 10 days late that means £2.33 in interest is owed.

On top of that you will then add your compensation. Of £40, £70 or £100 depending on the invoice amount.

I hope that helps

Best regards

David

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