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Like you I have some consistent late payers and I envisage never having to charge anyone interest, but it is there if ever it should be needed
Whatever you state it needs to 'fair' to cover your increased costs but must not be punitive, otherwise it will be classed as an unfair term and may invalidate your T&Cs for domestic clients.
For commercial debrs, there is a Govenment Statue that you would be well advised to follow....
p.s. for domestics I believe there are rules/guidance within the new Consumer Rights Act 2015 that came into force on the 1st October 2015 (but can't remember them... ! )
Cheers Gary. Hmmm... £11.50 interest on a £1000 debt after 50 days. Hardly going to scare them into running round with money immediately is it :-) Or have I read it wrong?
Forget it, unless you want/need to shed a few customers. What have I done that has "proved to be successful?" Set up monthly accounts with all suppliers and build up a cash surplus in the current account that can even out the peaks and troughs of cash flow. As long as they all pay in the end (and within a reasonable time of course) just get on with what you do best.
This is per the Late Payment of Commercial Debts (Interest) Act 1998.
For domestic clients the charge has to be fair and reasonable, the law is heavily weighted in favour of the consumer.
That's the Government Statue Act linked to above.
Especially when they're in when you're their working! No reason to not have done a bank transfer as soon as you finish which can be confirmed with banking apps on your smart phone.
right on the money mate unless they dont have online banking but even my gran does telephone payments to tradesmen shes 79