Late Payment Policy

Introduction

This policy outlines the interest charges and debt recovery costs for late payments, in compliance with UK government regulations. It aims to ensure timely payments and provide clear guidance on the consequences of late payments.

 

Payment Terms

All invoices are due for payment within 14 days from the date of issue unless otherwise agreed in writing.

 

Interest Charges

Interest on overdue invoices will be charged according to the statutory rate, which is the Bank of England base rate plus 8%. This interest will start accruing the day after the payment due date. Interest will be calculated daily until the payment is received in full.

 

Debt Recovery Costs

In addition to interest, the following fixed sums will be charged to cover debt recovery costs:

• Debts up to £999.99: £40
• Debts from £1,000 to £9,999.99: £70
• Debts of £10,000 or more: £100

These charges are in line with UK late payment legislation.

 

Additional Costs

If additional recovery costs are incurred, they will also be claimed where they exceed the fixed sums stated above. This includes, but is not limited to, legal fees, collection agency fees, and administrative costs.

 

Notification of Late Payment

A reminder will be sent 1 day after the payment due date. If payment is not received within 3 days after the reminder, further action will be taken as outlined in this policy.

 

Failed Direct Debit Charges

We use GoCardless as our direct debit system, which charges us a fee for any failed direct debit attempts. If a direct debit payment fails, the payer will be notified immediately. A fee of £25 (ex vat) + the failed charge by Go Cardless will be sent via invoice to cover the costs incurred by the failed payment.

This invoice will fall inline with our payment terms and conditions.

 

Dispute Resolution

In the event of a dispute over an invoice, the payer must notify us in writing within 7 days of receiving the invoice. We will work to resolve the dispute promptly and fairly.

 

Contact Information

For questions or concerns regarding invoices and payments, please contact:

Techwise Support Limited
32 London Road, Guildford, Surrey, GU1 2AB
01483 903990
hello@techwisesupport.com

 

Reference

For more detailed information, please refer to the UK Government’s official guidelines on charging interest on late commercial payments and claiming debt recovery costs: https://www.gov.uk/late-commercial-payments-interest-debt-recovery