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How do Marks Recoveries & Legal Services ensure that any entitlement to late payment interest, compensation and collection costs is maximised?

Not many businesses are aware of the benefits of using the provisions of the Late Payment legislation introduced over the past few years, intended to improve the culture of late payment in the UK economy. The following case study shows that, if you use a skilful commercial debt recovery specialist, businesses can recover interest, compensation and costs to cover “internal” and “external costs” when seeking to recover overdue sums. This example of a recently concluded matter also shows the usefulness of the legislation when looking to negotiate early settlement terms when a customer has raised a minor query on a small portion of the outstanding account but has, unreasonably, used that as an excuse to withhold payment of the total sum due.

 

In this particular case, a small disputed invoice (for approximately £200) was fully credited but to compensate our client for the late payment of the majority of the account balance, we were not only able to recover the principal debt of £8,000, but the debtor customer also paid an additional sum of £650.00 in respect of late payment compensation, interest and our client’s internal (and external) costs of recovery.

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