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12 years 2 months ago #614 by okangi1
Help! was created by okangi1
So I have a contract stating the client will pay me late payment charges at the current base rate..

The total amount owed is £51,000 and is 38 days overdue. I have used the calculator but just want to make sure Im doing the correct thing... :-/

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12 years 2 months ago #615 by David J
Replied by David J on topic Re: Help!
Hello Deborah

What does the contract say exactly? The current base rate is 0.5%

The late payment legislation uses a the bank of England base rate (set for a 6 month period plus 8%

So the daily rate is based on 8.5%

Regards

David

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