Changes to Late Payment LegislationChanges were introduced to the Late Payment Legislation earlier this year that affect contracts formed after 16 March 2013. The main change that will be of interest to creditors is that you will now be able to recover the 'reasonable costs' of recovering your money.
Therefore in future and where a contract is formed after 16 March 2013 Creditserve debt recovery services will be automatically adding the commission charge for a successful collection to the initial letter that is sent to your debtors and where possible we will be adding legal fees onto the value of any legal action issued for you.
It is not going to be possible to anticipate in advance all the charges you may face during the course of a debt action because we do not know at the outset what course the matter is going to take but rest assured we will be using the new legislation to your advantage wherever possible.
There are other features of the legislation that deal with the length of payment terms and the legislation now extends to covering European debts rather than just UK
If you would like further information regarding the new legislation or debt recovery in general please contact Laura Ferrie on 01992 414222 or email
Creditserve offer all different types of credit services which include, debt recovery, online UK and European company credit reports, consumer reports, Anti money laundering/ ID checks. These can be purchased on a 'pay as you go' basis, for more information please visit www.creditserve.co.uk/Online-Shop