Peasie
15th July 2010, 01:13
How does one go about claiming interest and compensation on a commercial debt?
The invoice is for over £1800 and terms stated on the invoice were that it should be paid within 14 days. This has never really been enforced for any customer as it is usually individuals that the business does work for. The creditor has repeatedly visited the debtor and asked for payment but as it was part of an insurance claim understood the reason for the delay. It now transpires insurance may not have covered the work (emergency repairs after a storm).
To cut a long story short the creditor is now getting a bit annoyed and told the debtor they may have to charge interest. Nothing was stated on the invoice about interest. The creditor is willing to give them another couple of weeks (as he is going on holiday anyway).
How would he go about claiming compensation and interest and more importantly - when would the interest start from. The date he informs them in writing or can he claim from an earlier date such as the fourteen days after the date on the invoice as this was when it should have been paid by?
The creditor is reluctant to charge interest and is hoping the threat will be enough.
The invoice is for over £1800 and terms stated on the invoice were that it should be paid within 14 days. This has never really been enforced for any customer as it is usually individuals that the business does work for. The creditor has repeatedly visited the debtor and asked for payment but as it was part of an insurance claim understood the reason for the delay. It now transpires insurance may not have covered the work (emergency repairs after a storm).
To cut a long story short the creditor is now getting a bit annoyed and told the debtor they may have to charge interest. Nothing was stated on the invoice about interest. The creditor is willing to give them another couple of weeks (as he is going on holiday anyway).
How would he go about claiming compensation and interest and more importantly - when would the interest start from. The date he informs them in writing or can he claim from an earlier date such as the fourteen days after the date on the invoice as this was when it should have been paid by?
The creditor is reluctant to charge interest and is hoping the threat will be enough.