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Are you prepared for a surge in late payments?

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Are you prepared for a surge in late payments? James Salmon, Operations Director. 23rd June 2022 As inflation rises and interest rates creep up, late payments are expected to grow significantly! UK businesses are especially going to feel the pressure, with no protection from rising energy costs, supply chain disruption exacerbated by Brexit and the danger the economy could fall into stagflation! About six in 10 companies say they are worried that the risk of late payments will grow this year, according to Intrum’s annual European Payment Report 2022, which […]

Legislation

Late Payment Compensation

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Your Rights Important legislation was introduced almost a decade ago to combat the late payment of debt. The United Kingdom was one of the first countries in the European Union to implement late payment legislation to help promote a culture of prompt payment. There has been a statutory right to interest for late payment for small firms owed money by large firms or the public sector since 1 November 1998, when the Late Payment of Commercial Debts (Interest) Act 1998 came into force. The Late Payment of Commercial Debts (Interest) Act 1998 […]