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Overdue payment

  • J Wilson
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14 years 3 months ago #74 by J Wilson
Overdue payment was created by J Wilson
On an overdue payment is interest chargeable only on the Principal Sum owed or on the Debt Recovery fee also? Is the interest compound?

John

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14 years 3 months ago #75 by David J
Replied by David J on topic Re:Overdue payment
Hello John

Interest is charged on the principal including the VAT. You do not charge interest on the compensation.

The interest is charged at a daily rate and is not compound.

This page here on how to claim late payment interest and compensation has more information.

Regards


David

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  1. Forum
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  5. The late payment of commercial debts (interest) Act.
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