[ad_1]
In November 1998, the government introduced in Britain defaulted commercial areas Debts (Interest) Act 1998. This legislation was introduced to give businesses a statutory right to claim interest in other companies for the non-payment of business for the company debts. Thus, the United Kingdom was one of the first countries in the European Union to introduce legislation to encourage companies to pay bills on time ..
On August 7, 2002 delinquency Commercial Debts (Interest) Act 1998 was amended to include debt collection costs. The revised legislation, all business owners and managers can claim reasonable debt recovery costs and can benefit from the simplification of the calculation of statutory area. In addition, SMEs can ask the representative to score highly unfair terms used by customers who do not provide a substantial remedy for unpaid debts.
defaults commercial areas Debts (Interest) Act 1998 can reduce debt recovery costs by claiming costs & interest from the debtor. The current level of compensation costs from debtors is as follows: – ..
£ 40.00 cost of the debt up to £ 999.99
£ 70.00 cost of debt between £ 1,000.00 & £ 9,999.99
£ 100.00 cost of debt £ 10,000.00 or more.
In addition to the above interest expense can be claimed from the due date of an unpaid bill. The current interest rate is 8.5%.
defaults Commercial Debts (Interest) Act 1998 legislation is intended as a deterrent against companies that fall outside the agreed terms. The law should be used as part of normal business and your credit control procedures to encourage your customers to settle accounts on time. You should make your customers aware that if they fall outside the terms of payment you will have to use legislation to recover the reasonable costs you incur in chasing unpaid invoices.
right to claim expenses & interest under the Late Payment of Commercial Debts (Interest) Act 1998 does not affect other rights available to you to recover unpaid bills. For example, you still have the right to go to court to recover unpaid account & claim legitimate costs plus expenses & interest costs under the legislation. You still also retain the right to refer to a specialist debt collection license agency that can also require delinquency law cost & interest on your behalf in addition to the principal supervisor sum due.
[ad_2]