Interest on Debt Amounts
You may also be able to add interest to a debt owing, whether that is covered by your personal terms and conditions, or whether it is statutory interest from relevant legislation.
Under the Late Payment of Commercial Debts (Interest) Act 1998, you may be entitled to recover 8% above the base rate on debts resulting from the sale of goods or the provision of services. Also, under the Act, you may be entitled to recover a compensation charge between the values of £40.00 and £100.00, depending on the amount of the debt.
The interest and compensation charges pursuant to the aforementioned Act more often than not can cover some, if not all, of our fixed fees in pursuing the debt. Moreover, upon issuing a claim in the court, you are also entitled to recover fixed costs for legal representative fees and also the court issue fee.
You may also be entitled to recover interest under the County Court Act 1984, at a rate of 8%, where judgment has been awarded in the County Court. If the judgment has been awarded in the High Court, you may be able to seek interest under the Supreme Court Act 1981 at a rate of 8%.
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