Late Payment Fees

Did you know that if you’re a UK based business, then you can claim late payment fees on overdue business to business debts? To be pedantic, it’s the Late Payment of Commercial Debts (Interest) Act 1998 (as amended).

Collection House is a specialist when it comes to collecting late payment fees. However, unlike any other debt recovery agency, we pass all late payment fees onto you: our client.

So, how do late payment fees work under the legislation? You are able to claim statutory interest which is 8% plus the current Bank of England base rate. In addition to interest, you can also claim compensation under The Late Payment of Commercial Debts Regulations 2013 to help recover “reasonable debt recovery costs”.

Amount of Debt        Compensation           

Up to £999.99             £40

£1,000 to £9,999.99   £70

£10,000 or more        £100

Collection House has collected hundreds of thousands of pounds over the years in late payments fees alone. If you have overdue commercial debts then we can claim what you’re entitled to.