Our Fees Explained
For commercial contracts dated from 7 August 2002 - The Late Payment of Commercial Debts (Interest) Act 1998 was amended and supplemented to incorporate the features of European Directive 2000/35/EC on combating late payment in commercial transactions.
Under the revised legislation, all business owners and managers can claim reasonable
debt recovery costs and can benefit from the simplification of the calculation of
Statutory Interest. Additionally small and medium sized enterprises can ask a representative
body to challenge grossly unfair contract terms used by their customers which do
not provide a substantial remedy for late payment of commercial debts. The compensation
entitlement varies in accordance with the size of the debt.
Size of unpaid debt Sum to be paid to the creditor:
Up to £999.99 £40.00
£1,000.00 to £9,999.99 £70.00
£10,000.00 or more £100.00
If you require more information on our fees please conatct us: info@idcsltd.co.uk