PayLate.co.uk
Title
Late Payment Penalties in the UK
Description
Late Payment of Commercial Debts
These pages provide general advice on late payment penalties as applicable to commercial debts in the UK. Please see the disclaimer. Also see www.payontime.co.uk
Who are we and why are we qualified to explain late payment charges?
We are Andrews & Arnold Ltd. We have a wide a range of customers that buy anything from one off small items at £20 to equipment and installations running in the £10,000s. We are an ISP and bill thousands of people every month. We have been charging late payment penalties (interest initially) since 1997 and have years of practical experience in dealing with a wide range of customers and ways of charging late payment penalties. We are not lawyers or credit control advisers and offer the advice on this site as is based on our practical experience.
What are late payment penalties?
When someone buys goods or services a contract is formed. A contract is just an agreement between the two parties. This contract will normally involve a supplier selling goods or services in exchange for money. The contract may be formal and in writing and signed, or implied, or according to published terms which are implicitly agreed. One aspect of the terms is when and how to make the payment. The seller may give the buyer time to pay (credit terms). If the buyer does not make the payment within these terms then they are late . Paying late is breaking the contract. Late payment penalties are simply a pre-agreed penalty that is due if the terms are broken by paying late.
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- Alexa: PayLate.co.uk
