Bad debts and late payments can seriously affect the daily efficiency of a company. While the recovery of business debts can be time consuming, costly and have a compromising affect upon important business relationships.
You can rely upon LegalRoad to arrange a cost effective and reliable business debt recovery service, quickly and easily. We don’t charge commission and we don’t take a percentage of what we recover for you. We are commited to quality and efficiency in all our business dealings and offer a transparent approach to all our costs and fees.
The Late Payment of Commercial Debts (Interest) Act 1998 means that a debtor is now liable to pay all costs of default proceedings for recovering your debts. Therefore when you choose to work with LegalRoad and it becomes necessary to take court action against a debtor there is no need for you to be out of pocket for chasing money that should be yours, as our debt collection service is 100% free upon the successful recovery of a debt.
Our Late Payment Demand letter not only instructs the debtor to pay the debt owed within 7 days, but it also enables you to recover the costs of using our services at various stages of the collection process. It also enables you to claim compensation and additional interest on each of your outstanding invoices. You are entitled to claim £40 to every £100 in compensation per invoice and interest at 8% above the Bank of England’s base rate, in addition to the original debt amount and legal costs.
With a successful claim, not only are our costs covered, but we also don’t charge commission or a percentage where you will receive all of what is retrieved from the debtor and at no extra cost.