Commercial Debt Collection
Commercial Debt is money that is owed from one business to another, frequently known as Business to Business (B2B) debt. Here at Town & Country Legal Services, we are experts in the world of Commercial Collections and use our knowledge of legislation to our advantage when collecting your debt.
How can we use legislation to collect commercial debt?
Well, there is certain legislation which enhances our collections ability, by allowing us to add our costs and further interest to the debt, which means you will recover more; rather than you having our costs deducted from the collected, they will be added on top.
What legislation do we use to collect commercial debt?
We use the Late Payment of Commercial Debts (Interest) Act 1998 and the Late Payment of Commercial Debt Regulations 2013 to our advantage.
The Late Payment of Commercial Debts Regulations 2013 introduced changes to s.5A which provides by (2A) that “if the reasonable costs of the supplier in recovering the debt are not met by the fixed sum, the supplier shall also be entitled to a sum equivalent to the difference between the fixed sum and those costs.”
All of the above provides you with a better service knowing that we will do our best to return you as much money as possible.