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Can I charge interest on overdue debts?

22nd June 2020 by

You may have a contract that specifies how interest will be charged on overdue payments. Should you not have a contract, commercial debts are covered by the Late Payment of Commercial Debts (Interest) Act 1998. Where there are no written terms of credit, this allows interest to be charged at a set rate which is the Bank of England base rate plus 8%.

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