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Debt Collection

Court fight gives hope for late payment victims

By CreditMan Friday, June 21, 2013

Today's The Telegraph looks at how business owner, James Morley, has been using the little known Late Payment of Commercial Debts (Interest) Act 1998 to launch claims against late paying customers. The Act allows suppliers to charge interest of 8.5% on late payments, but also compensation of £40, £70 or £100 depending on the size of the invoice in question. Mr Morley has set up a new venture, Latepaid.com, which offers to work out how much small businesses are owed in interest and compensation, and send out claims letters to their customers.

Read more at bit.ly/11RjYeK