Late charges/interest to EU customer

Discussion in 'Cashflow forum' started by d0288, Mar 24, 2017.

  1. d0288

    d0288 UKBF Contributor Free Member

    53 1
    My company is UK based and we have a customer from the Netherlands who has not paid since August. We have ceased trading for a while, but now want to apply late payment interest.

    I cannot find answers to the following questions:

    1. In the following link it shows the statutory interest rates for each EU country, however, I don't know whether to use the UK rate or the Netherlands rate?

    2. For the rate of inflation, do I use the Netherland's base rate or Bank of England's?

    3. It states that recovery charges are applicable as soon as payments are late, but does this mean we actually have to seek a debt collection agency? If we apply the debt collection charges, do we have to have a debt collection services in place? The amount I'm referring to are the standard debt recovery charges.

    4. Do the debt recover charges apply to each invoice individually or the total outstanding balance?
     
    Posted: Mar 24, 2017 By: d0288 Member since: Sep 21, 2016
    #1