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Late payment terms in ts & cs

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13 years 1 month ago #527 by dja1
Late payment terms in ts & cs was created by dja1
We currently have a provision in our ts and cs to charge interest of 4% above base on late payers but not a fee or compensation. Does this term prevent us from using the terms laid down in the Late Payment Regulations i.e interest of 8% over base plus a compensation fee based on the amount of the debt?

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13 years 1 month ago #528 by David J
Replied by David J on topic Re:Late payment terms in ts & cs
Hello John
I think you should change your terms of payment to the late payment legislation. It is recommend to add to your invoices or any communication:

"We understand and will exercise our statutory right to claim interest and compensation for debt recovery costs under the late payment legislation if we are not paid according to agreed credit terms."

It would also be a good idea to inform your customers of the change of payment terms.

Regards

David

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13 years 1 month ago #532 by Safe_UK
Replied by Safe_UK on topic Re:Late payment terms in ts & cs
Or you can simply remove any reference to late payment costs and interest from your T&C's.

You would still be covered by the statutory legislation.

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