Late Payment Legislation
We believe in free commercial debt recovery services. Veritas Legal free debt recovery uses the powers of the Late Payment of Commercial Debts (Interest) Act 1998

Irrespective of what your terms and conditions of business provide for, you are entitled to charge Late Payment Interest and Compensation under The Late Payment of Commercial Debts (Interest) Act 1998.

 

In November 1998, the UK Government introduced the long overdue legislation to give businesses a statutory right to claim interest from other businesses for the late payment of commercial debt. The UK was one of the first countries in the EU to introduce late payment legislation to help promote a culture of prompt payment.

 

The Act was amended by the Late Payment of Commercial Debt Regulations 2002 so that “reasonable debt recovery” costs can be recovered from your debtor with effect from 7 August 2002 in addition to interest as defined below.

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