Recovering Interest on Debt Scotland
It can be challenging for businesses to manage their cash flow and keep their business running if they don’t take adequate steps to recover debt due to them.
If your business is owed money, you should aim to recover that debt as soon as possible (speak to us). When you pursue an action to recover your debt, you are entitled to seek interest on the amount to the extent that the payment is late.
Recovering interest on debt – legal advice in Scotland
Our Scottish debt recovery solicitors are specialists in this area and we will act on your behalf to ensure that you receive the MAXIMUM payment owed to you under Scots Law.
In terms of the law in this area of debt recovery, the UK Government has introduced legislation to provide businesses with a statutory right to claim interest on late payment of commercial debt. The amount of interest that can be recovered is generally calculated at 8% above the base rate, starting 30 days after the debt is due. The due date for payment in respect of services or goods is the later of either the date of delivery of the goods or services, or the date on which notice (such as in the form of an invoice) was given to the purchaser of the amount of the debt.
The important point to note is that if debt is due to your business and the payment late, we will always seek to recover interest on that debt for you and we appreciate how significant the recovery of such sums can be for your business.
Contact our debt recovery lawyers in Glasgow, Edinburgh and Aberdeen – no win no fee
Based in Glasgow, Edinburgh and Aberdeen, Scotland, we can help you recover debt and any interest owed to you. To find out how we can help you, call us today on 0141 433 2626 complete our online enquiry form and let us help you.
Clarity’s No Win No Fee products are subject to Terms and Conditions which are available upon request.