Business Debt Online can create and send your debtors late payment demand letters. With our letters, and follow up call, we have found that in 93% of cases payment is made promptly to your designated bank account on the first attempt.
Depending on the agreed terms we will carry out the following procedure:-
1. Send out a Letter Before Action, which typically asks for the debt to be paid and given 7 days to do so.
2. Follow up with either a phone call/letter/email.
3. Send out a Late Payment Demand, which may include Compensation and Interest added to the original invoice. Given 7 days to paid the total debt in full.
4. Follow up with either a phone call/letter/email.
5. Look at court options/installments to pursue if in the very unlikely event of none payment.
More info on Compensation and Interest can be found here, including links to the UK Late Payment Legislation.
Use our late payment calculator to see how much interest (currently 8.25% of the total debt, and compensation (between £40 and £100) you are legally obliged to charge the debtor.
We charge you 5% of the total amount recovered. The debtor will pay you directly into your bank and we will bill you seperately for the service. We only charge on successfull collections. If they dont pay, you dont pay!
Please contact us to discuss any of our services.
Before charging for compensation and late payment interest, ensure you follow your credit control procedures from the start. Which include sending out reminder letters. Download our free late payment letter templates.