Late payment - have you ever collected interest?

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bwglaw

bwglaw

Free Member
Apr 8, 2005
4,567
242
Richmond, Surrey
  • #2
    Kent Manufacturer said:
    There are probably a few here who have in their business T's & C's that they will charge interest on late payments.

    Just curious - has anyone ever actually charged and got paid the interest?
    Click to expand...

    Yes, we have. It states on our invoice that late payment will incur interest at 10% per month or part thereof. Clients have paid. Bear in mind our clients are large corporations, including government.
     
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    S

    sparklyscotty

  • #3
    I charge £5 a month flat fee for overdue accounts. Payment terms are 30 days. I usually stick the charge on the reminder invoice and then put a note saying that I will waive it if paid promptly.
    If it's over 60 days then I keep tacking on the charges and they pay. End of story.
    Usually a reminder notice with a late/ interest charge prompt them into paying faster than an invoice without.
    -Angel-
     
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    A

    Admiral Collections

  • #5
    Hi


    Lots of companies have it in their terms and conditions and never charge it! Some compnaies charge 4% on top of the Bank of England base rate of 4.75%. Contacting a customer/client and telling them what they will actually pay if they continue to ignore terms usually works. If it doesn't PM me :)

    Nic :wink:
     
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