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Statutory Compensation for non payment

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13 years 4 months ago #276 by ninesquared
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The legislation is not limited simply to collecting interest on outstanding overdue debts. You may also use it to collect interest on debts that have been paid but were paid late. You can go back up to 6 years (5 in Scotland). However you cannot go back before the date when the legislation was introduced.

You might choose to wait until the customer has ceased to be a customer or you are being forced to take legal action anyway; and then send them a demand for all the interest/compensation on all of the invoices that they failed to pay on time.

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