Ken Batty, mentioned in my previous story, also passes on a tip about small claims courts which again were featured in our August 22 issue in regard to unpaid newspaper bills. We said it is advantageous to state on your invoices/statements that, under Section 69 of the County Court Act 1984, you reserve the right to charge interest at the rate of 8% per annum, plus an admin cost on all late or unpaid accounts.
He writes: “There could be an advantage way above this. If retailers state on their invoices before sending them out that they are using the Late Payment of Commercial Debt (Interest) Act 1998, then interest is 8% over base which brings it currently to 13%.”
Now that is worth knowing.