Blurb on Invoices about late payment interest

[robertsontech]

Hiya

Do any of you put a bit of blurb at the bottom of your invoices saying:

"if you pay late, we reserve right to charge interest at X %. etc etc"

If so, could someone suggst what I should write.

Many many thanks
H

[Power Lunch Club]

Hamish,

I just had a very simple thing from my Simplicity business

It is the policy of SimplicITy Computer Training Limited to add 10% surcharge to overdue payments and overdue sums shall bear interest at 5% per annum above base rate until the amount is paid. Organisations having charitable status are required to give their charity number.

Regards

Gordon
PLC

[PC]

Legally you can add a

[stugster]

Late payment legislation and the BPPG Interest calculator.

Also, remember that most interest charges on debts can only be charged to business to business, and not to a consumer. So if you're like me, you'd need two different invoices (one for consumers, one for businesses).

Someone from another forum has also created a useful list of ways to get people to pay on time, here: ProfitXchange the business forum for entrepreneurs

[barryhynd]

Hi Hamish,

Something along the lines of "In accordance with the Late Payment of Commercial Debts (Interest) Act 1998, xx Company reserves the right to apply a late payment fee and statutory interest at the rate of 8% over base".

I am currently writing content for the blog regarding the whole credit control area. If you would like sample documents to use etc feel free to get in touch

[visagephoto]

I add the following statement (as advised by either the "pay on time" or the "late payment leg" website) to my invoices.

"We understand and will exercise our statutory right to interest, under the "Late Payment of Commercial Debts (interest) Act 1998", If we are not paid according to agreed credit terms"

[robertsontech]

Hiya

thank you all so much for this.

H