Late Payment Interest

The Late Payment of Commercial Debts (Interest) Act 1998

What are you entitled to?

  • The right to claim interest for late payment
  • The right to claim reasonable debt recovery costs

When is a payment late?

If there is an agreed credit period in place, late payment is made after the last day of the credit period. If there is no agreed credit period, then the Late Payment of Commercial Debt (Interest) Act 1998 sets a default period of 30 days from when interest can run.

For more information on this and how it affects your debt collection or learn more about PCS Credit Management’s debt collection, please call 0161 941 7511.

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