Q. I have a customer who owes us a substantial amount of money. I have resolved all outstanding queries but the debt remains outstanding. Should I now issue a claim and can I claim interest and compensation?
A. If you are satisfied that your debt is outstanding and the debtor will not resolve matters with you then it would be appropriate to contemplate the issue of proceedings. It would be a good idea to serve formal letter of claim and thereafter in the absence of settlement to issue proceedings of the outstanding monies. Under the Late Payment (Commercial Debts) Act 1998, you would be entitled to charge interest on the outstanding sum and a late payment charge on each invoice outstanding.
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