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The amount of interest permitted to be charged on late payments
rose on 1 July, in line with the recent rise in the Bank of England
base rate. Once a commercial debt passes its deadline, interest
accrues daily until the debt is settled. Businesses awaiting
overdue debts can now calculate interest according to the base
rate plus 8%, as well as claiming compensation of up to £100.
Meanwhile, new techniques to trace debtors who fail to respond
to demands for overdue payments have been unveiled by the Better
Payment Practice Group (BPPG). The guidance provides practical
tips on tracking down customers who seem to have disappeared,
and steps to minimise the likelihood of this happening in the
first place.
For more details see:
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