[LRUG] [FINANCE] Startup/finance question around invoices

[Sleepyfox]

Hi all,

​​
Thank you very much for the swift and useful replies. Our contracts do have
an interest clause, but at BoE+5% it is obviously too lenient!

I'll talk through all of the suggestions with my partner, but I'm leaning
towards a simple "3 strikes" rule for late payments. You're right, is
rather pay someone else to chase debts than it ruin my quality of life.

Any recommendations for late payment chasing agencies that are above board?
​

​Thanks for all the helpful replies,

​​
Fox

--​

On 8 Aug 2014 11:27, "Olly Legg" <ollylegg at gmail.com> wrote:

> > If you have it clearly stated in your terms that you'll start charging
> them interest I'd follow through with that with clear letters after they're
> late.
>
> Slightly off-topic, but if you don't have a clause in your contract
> regarding interest on late payments then you can still claim ‘statutory
> interest’, which is a not too shabby 8% + BoE base rate.
>
> Source:
> https://www.gov.uk/late-commercial-payments-interest-debt-recovery/charging-interest-commercial-debt
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