Please call us on 0333 121 0161 to receive an immediate complimentary no obligation debt recovery/debt collection consultation; or use our
At all times we keep you posted on all matters and we will not advise you to take court action if the chances of you getting paid are not good.
Unlike other agencies we do not advise court action or take large legal fees if we feel the debtor has no assets, or court action that will leave you better off in principal but worse off fiscally (we always advise clients never to go to court on a matter of principle).
Here we apply the 3 Ps
Payment Precludes Principle.
We apply all facets of the law that recovers your invoiced monies.
Our pro-active approach is to get you to the top of the list for payment.
Our purpose in Business Debt Recovery is to put you at the front of the queue and we only act for you not any other creditors there might be. To successfully recover any debt our experience has told us to tell you that it is vital to act decisively and quickly.
AVC Debt Recovery Process
We also offer a follow up contract law advice service e.g. credit checks, improvement areas in payment terms and contractual insertion of payment terms.
Please see our In House Debt Recovery Packages
The Late Payment of Commercial Debts (Interest) Act 1998 and subsequent amendments is an Act enabling businesses to charge other business customers interest on overdue accounts and to obtain compensation on the debt recovery process. The Act extends to Scotland and Northern Ireland.
The UK Parliament and the EU have recognised the detrimental effects to small businesses and therefore the economy of poor payment and have amended the legislation several times since 1998. The most recent amendment came in 2013 when the provisions to allow the recovery costs of a third party to be claimed from the debtor.
Late Payment Compensation
Unpaid Debt What you can charge
Up to £999.99 £40
£1,000 to £9,999.99 £70
£10,000 or more £100
You can cover the cost for doing so from that customer, as long as you adhere to the rules set out by the Late Payment Legislation.
The following is the Government’s own guidelines relating to what a late payment is, and what you can do about the cost of recovery.
When a payment becomes late
You can claim interest and debt recovery costs if another business is late paying for goods or a service.
If you haven’t already agreed when the money will be paid, the law says the payment is late after 30 days for public authorities and business transactions after either:
the customer gets the invoice
you deliver the goods or provide the service (if this is later)
You can agree a longer period for payments from one business to another – but if it’s longer than 60 days it must be fair to both parties.
Interest on late commercial payments
The interest you can charge if another business is late paying for goods or a service is ‘statutory interest’ – this is 8% plus the Bank of England base rate for business to business transactions. You can’t claim statutory interest if there’s a different rate of interest in a contract.
You can’t use a lower interest rate if you have a contract with public authorities.
The current Bank of England base rate is 0.50%, so statutory interest for a recent debt would be 8.50%.
If your business were owed £1,000:
Worried a late payer may become a bad debt? Call us to receive a complimentary no obligation business debt recovery consultation.
For UK Business Debt Recovery that delivers for you use our
0333 121 0161
FREE no obligation consultation on how we can deliver your monies into your account.
Visit our partner company for any contractual issues
AVC Debt Recovery Dorset
Office 1, 60 The Esplanade
Dorset DT4 8DE
AVC Debt Recovery Surrey
19 High Street
Surrey KT23 4AA
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