Late Payment of Commercial DebtsLate & Unpaid Invoices Collection
Here at CEA Limited, we can help to collect unpaid invoices, and late payment of commercial debts. Our agents offer a nationwide service, working to collect on late payment of commercial debts in Manchester, London, Birmingham, Leeds and across the UK.
Being owed money by another business can have a serious impact on your company. There have been many cases were late payment of commercial debts has put otherwise successful businesses into danger. If you’ve credited another business, or their payment has been rejected, you need to pursue the commercial debt as quickly as possible.
Here at CEA Limited, we can help you to overcome late repayment of commercial debts. Our experienced team of debt collectors can work with you to recover any kind of overdue commercial debt. If you’re looking to recover unpaid invoices, or even claim interest on the late repayment of commercial debts, the CEA team is here to help.
Late Payment of Commercial Debts in the UK
At CEA Limited, our debt collectors specialise in commercial circumstances. If your business is owed money by another company, either for services rendered or the delivery of products, we are here for you. Under the Late Payment of Commercial Debts (Interest) Act 1998, you will be able to not only engage the services of our credit collectors, but you may be entitled to claim for interest accrued while the debt has been owed.
If you are owed a commercial debt, or it has been repaid after it was due, you may be entitled to claim interest for any internal costs accrued. This could include administrative costs or simply compensation for late repayment.
Collecting Late Payment of Commercial Debts
There are four checks you need to undertake before arranging for professional debt collection to deal with late repayment of commercial debts, or otherwise unpaid invoices. These include:
You Have Supplied Goods And / Or Services to the Debtor
Your Debtor Bought These Goods / Services for Business Purposes.
The Contract Between You Is Not a Consumer Credit Agreement.
Your Contract Does Not Contain a Provision for Interest.
So long as your unpaid invoice or late repayment meets these four criteria, you will be able to engage the services of collection agents to reclaim your debts. Whatever kind of B2B debt you need reclaiming, the CEA Limited team are here for you.
Commercial Debt Collection Regulations
You may be wondering what regulations cover commercial debt collection and commercial debt collectors in the UK. Today, the act of collecting commercial debts, often due to late payment of commercial debt, falls under the regulation of the Financial Conduct Authority (FCA). The FCA regulates all debt collectors in the UK to ensure that they adhere to the full letter of the law.
Frequently Asked Questions Regarding Late Payment of Commercial Debts
How Long Before I Can Collect on Unpaid Invoices?
Interest, or collection services, can begin as soon as the agreed credit period is over. If no interest period was agreed as part of the commercial deal, you can normally claim interest or engage our collection services:
- After 30/60 Days Has Passed from Delivery of Services/Goods, Depending on the Nature of Your Debtor.
- The Date the Buyer Was Given a Final Notice of the Amount Due.
- The Conclusion of Any Procedure for Checking the Quality of Services / Goods.
How Much Interest Compensation Can I Charge for Late Payment of Commercial Debts?
If you need to engage the services of a commercial debt collector, such as CEA Limited, you will be entitled to claim compensation to pay for our services. This amount can be added onto the debt you are owed, enabling you to claim the cost of our services back from the debtor. You may also be able to claim commercial debt compensation for any internal costs accrued during this period.
What if There is An Argument Regarding the Amount Due?
Sometimes, there is genuine doubt regarding whether an invoice is correct. Whenever the commercial buyer agrees that there is some amount due, they should pay that amount. However, any further amount that you believe is due may need to be dealt with by a court of law.
Sometimes, a commercial invoice (particularly for services) can depend on a calculation – such as hours worked, timesheets, et cetera. In these instances, if the customer disagrees with what they should pay, they need to pay what they believe is correct immediately. Any disagreements will normally be handled through a court of law before they can be commercially collected.
Do I Need to Inform the Debtor I Will Pass the Debt on To Commercial Collection Agents?
You do not legally need to alert the debtor that you are engaging CEA’s services. However, you may find that threatening our involvement can encourage a debtor to pay their unpaid invoices. Our services are designed to take all the stress out of the B2B late payment collection process. Simply call our team of CEA agents, and we’ll handle everything from warning letters to physical debt collection.
For Unpaid Invoice & Late Payment of Commercial Debts Collection, Call CEA Limited Today
Here at CEA Limited, our professional team can help you to reclaim unpaid debts from commercial customers. If you’re looking for an experienced B2B invoice debt collection service, get in touch with our certificated enforcement agents today.
Our specialist debt collectors can work to recover any kind of commercial debt, including unpaid invoices and any costs owed as a result of late payment of commercial debts.
For more information, call our local team directly on 0845 643 0635. We can offer unpaid invoice debt collection across the UK, including London, Manchester, Birmingham and Leeds. You can also use our simple online contact form, and we’ll get back to you as soon as we possibly can.