What is reasonable time to settle invoice

[Big G]

'Me thinks' that your posts are unnecessary when he was simply asking for help and advice.

If you have nothing constructive to say then say nothing.

 

[Lolleo]

Me thinks Aran is a troll.

ha...you caught me!

In the mean time Im off down to post office to send some registered post.

 

[estwig]

'Me thinks' that your posts are unnecessary when he was simply asking for help and advice.

If you have nothing constructive to say then say nothing.

'Me thinks' your naive!!

Anyone in business or considering going into business, isn't going to be helped by reading limp-wristed dribble, about being too scared to get what is rightly yours.

The OP is either a troll or a fool, I favour troll by a long nose!

 

[Geoff T]

£350....thats a lot of interest! Would like to know where that came from?

I have calculated interest at 20p per day + £40 debt recovery cost. Looking at £55 total

Aran, interest is fine, but to be "legally" clear the £40 is called a "compensation charge"... but you've missed off the changes in the Late Payment Regulations that came into force from 18th March this year... "reasonable costs for third parties"... I just added my standard fee in this kind of case...

And before you ask - YES, it's viable and valid - I've had two cases settle (including my standard fee) since Friday... chasing for money costs, and it's about time the late payers were the ones who foot the bill!

 

[Geoff T]

It's a bill. Do not under any circumstances let them fund their business with your money - just don't do it.

Would you expect to leave tescos with a trolley full of Doritos saying "I'll pay you next week"?

Get hard. A customer who doesn't pay is a thief. Wise up, nobody on here will ever suggest you pussyfoot around. It's your money.

Point taken but.......

go hard nosed and you never see them again...

be nice, get paid eventually and you have a good revenue stream?

the difference between = "credit management"!

There's some on here that know about that - and how to do it cost-effectively

examples - can give you contact details for 3 experienced credit managers.. ok, 2 apart from me! and both them are UKBF members too, if you want their info...

 

[Homer J Simpson]

Aran, interest is fine, but to be "legally" clear the £40 is called a "compensation charge"... but you've missed off the changes in the Late Payment Regulations that came into force from 18th March this year... "reasonable costs for third parties"... I just added my standard fee in this kind of case...

And before you ask - YES, it's viable and valid - I've had two cases settle (including my standard fee) since Friday... chasing for money costs, and it's about time the late payers were the ones who foot the bill!

Can you explain? Are you saying you can apply your own fees and not the ones dictated by the late payment & interest act etc?

 

[Lolleo]

'Me thinks' your naive!!

Anyone in business or considering going into business, isn't going to be helped by reading limp-wristed dribble, about being too scared to get what is rightly yours.

The OP is either a troll or a fool, I favour troll by a long nose!

Why would I be scared to get whats rightfully mine? What I'm trying to avoid is causing damage to what could potentially be a very good client if we could iron out this payment issue.

As I stated previously, it was my mistake not setting out payment terms in writing therefore they are under no obligation to pay me within a certain time period apart from the standard late payment legalisation. This wont happen again...lesson learnt!

P.S. I would stay out of the bookies if I was you!

 

[Lolleo]

Aran, interest is fine, but to be "legally" clear the £40 is called a "compensation charge"... but you've missed off the changes in the Late Payment Regulations that came into force from 18th March this year... "reasonable costs for third parties"... I just added my standard fee in this kind of case...

And before you ask - YES, it's viable and valid - I've had two cases settle (including my standard fee) since Friday... chasing for money costs, and it's about time the late payers were the ones who foot the bill!

Geoff I was hoping you would have come back sooner as I have already re-issued the invoice. I only added on the base rates which is nothing when compared to the time lost doing it which I should have sought compensation for.

Edit: I thought reasonable costs for third parties only came into play at the courts stage.

 

[Geoff T]

Geoff I was hoping you would have come back sooner as I have already re-issued the invoice. I only added on the base rates which is nothing when compared to the time lost doing it which I should have sought compensation for.

Edit: I thought reasonable costs for third parties only came into play at the courts stage.

Sorry I didn't reply sooner Aran (got a business to run!)...

1. There's no need to re-invoice for interest, costs, and charges under LPCDIA legislation... and
2. It's "reasonable collection costs of third parties" - not "third party costs for court"!

Had two cases settle in full this week - including those "reasonable costs" - so client got the book debt owed at no cost for me... (food for thought)

I always say "do it once, and do it right"... talk to the experts and get the job done right... I've had another two cases which needed help as the client - a plumber - thought they could cope with MCOL without help...

Would I try an fit a boiler?!? course not!

 

[Geoff T]

Can you explain? Are you saying you can apply your own fees and not the ones dictated by the late payment & interest act etc?

Homer - sorry, I missed your post last time around...

Late Payment Regulations 2013 allow for "reasonable collection costs - including those from a third party" from 18/03/13... so any case ( so a new contract) I take on from that date gets my fee added to the debt...

I've had this checked by a barrister in a legal500 firm before I put it in place, and he said it was fine... besides - as I say... it's being paid... so in most cases I'm free for clients on debt recovery...

As I said before, why should you have to pay to chase your money?! it's the only thing in the legislation that DOES work in favour of the creditor!

 

[Homer J Simpson]

As I said before, why should you have to pay to chase your money?! it's the only thing in the legislation that DOES work in favour of the creditor!

Couldn't agree more!

Thanks for the response.

 

[Geoff T]

Couldn't agree more!

Thanks for the response.

Pleasure Homer - like I said, sorry I missed the post 1st time round

 

[Lolleo]

Just to close this out...payment has been made!

Thanks to all the contributors of this thread.