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Non payment of interest

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1 year 1 month ago - 1 year 1 month ago #3585 by ingleschris@gmail.com
A building company have been late in paying me so I applied interest to the late invoices and compensation. They have eventually paid the invoice but not the interest or the compensation what can I do about this next steps please

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1 year 1 month ago #3586 by j.salmon@cpa.co.uk
Hi,

You should notify them that the interest and compensation remain due and tell them you expect to be paid.

I don't know how much it adds up to but you will need to weigh up the options.

It is really a commercial decision about how much time and resource you want to put to collecting it.

For some it is a matter of principle and they will keep chasing and even issue a county court summons for the balance.

For others, they are just glad it got them to pay the principle debt and don't pursue the interest and compensation any further.

Some are in the middle, chasing a little but if the debtor doesn't budge, eventually drop it.

The decision is yours.

Personally I hope you don't drop it and continue to chase it. It's the only way we can break the late payment culture in this country.

James

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