Hi All
Can anyone shed any light on this please,
Is this the law that DCA or OC use to add statutory interest after judgement
The Late Payment of Commercial Debts (Interest) Act 1998
or is there a different law for DCA and OC.
If it is the same law they use, then as I see it they can only apply statutory
interest it if it states so in the Original Terms & Conditions of your agreement
please correct me if I am wrong.
Further more The Late Payment of Commercial Debts (Interest) Act 1998 THEN GOES ONTO STATE!
"This Act came into force in 1998 as amended in 2002 to provide some measures of relief for companies of all sizes. The provisions of the Act allow UK businesses, for all contracts created on or after 7 August 2002 , to charge interest on late payments and debt recovery costs for clients and customers that have exceeded payment terms agreed by the parties.
The effect of this legislation allows businesses to charge 8% above the Bank of England base rate set on a twice-yearly basis and debt recovery compensation of up to £100 on each overdue order"
SO
would you agree from the above that if your Original CCA was before the 7 August 2002 then neither a DCA or an OC should be adding Statutory interest after judgement .
Any clarification on this would be much appreciated
Can anyone shed any light on this please,
Is this the law that DCA or OC use to add statutory interest after judgement
The Late Payment of Commercial Debts (Interest) Act 1998
or is there a different law for DCA and OC.
If it is the same law they use, then as I see it they can only apply statutory
interest it if it states so in the Original Terms & Conditions of your agreement
please correct me if I am wrong.
Further more The Late Payment of Commercial Debts (Interest) Act 1998 THEN GOES ONTO STATE!
"This Act came into force in 1998 as amended in 2002 to provide some measures of relief for companies of all sizes. The provisions of the Act allow UK businesses, for all contracts created on or after 7 August 2002 , to charge interest on late payments and debt recovery costs for clients and customers that have exceeded payment terms agreed by the parties.
The effect of this legislation allows businesses to charge 8% above the Bank of England base rate set on a twice-yearly basis and debt recovery compensation of up to £100 on each overdue order"
SO
would you agree from the above that if your Original CCA was before the 7 August 2002 then neither a DCA or an OC should be adding Statutory interest after judgement .
Any clarification on this would be much appreciated
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