Commercial Debt Late Payment Act: Interest and Fees
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Commercial Debt Late Payment Act: Interest and Fees
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In this episode of Debt Matters, we break down Part 1 of the Late Payment of Commercial Debts (Interest) Act 1998 - what it is, when it applies, and how it helps UK businesses protect cash flow.
You’ll learn which transactions qualify (business-to-business and public sector), when an invoice legally becomes “late”, and the rights you have to add simple statutory interest (set by law at the Bank of England base rate plus 8%) and a fixed compensation fee.
We also flag common contract pitfalls (like “substantial remedy” clauses) and where this law sits alongside your existing credit control steps. Stay tuned for Parts 2 and 3, where we’ll show exactly how to calculate interest and fixed-fee compensation with worked examples and how to build these rules into your collections workflow.
#DebtMatters #LatePaymentAct #UKBusiness #CashFlow #CreditControl #B2B #AccountsReceivable #SMEs #InvoiceManagement #StatutoryInterest