Can I Claim Debt Collection Costs? Understanding Your Rights & The Late Payment Act - Bethany Gresswell

Register for our newsletter for regular updates of events and webinars. https://www.top-service.co.uk/contact-us/ (newsletter link at bottom of page) One of the most frequent questions businesses ask before instructing a debt collector is: "Can I claim the cost of using your service back from my debtor?" In this episode of Minimise Debt, Maximise Cash, Top Service CEO Emma Reilly is joined by Bethany Creswell from the commercial collections team to provide the definitive answer. The short answer is YES—but how you do it depends on your terms and conditions. In this episode, you will learn: Contractual Interest vs. Statutory Rights:  The difference between relying on your own T&Cs versus using government legislation. The Late Payment of Commercial Debts Interest Act 1998:  How this legislation allows you to claim interest at  8% above the Bank of England base rate . Compensation Entitlements:  How to claim fixed compensation sums ranging from  £40 to £100 per invoice depending on the debt size. Recovering "Reasonable Costs":  How the legislation allows you to claim costs incurred  over  the fixed sum—meaning your debtor often foots the bill for the debt collection agency. Stop writing off collection fees as a business expense. Listen now to learn how to make your debtor pay for the cost of their own delay. Featured Guests: Emma Reilly  (CEO, Top Service) Bethany Creswell  (Commercial Collections, Top Service) Keywords: Debt Recovery Costs, Late Payment Act 1998, Commercial Debt, Interest Calculator, Statutory Interest, B2B Collections, Credit Control. Resources: Use our  Late Payment Interest Calculator  on the Top Service website to calculate exactly what you are owed. Subscribe to Minimise Debt, Maximise Cash for your monthly construction credit update. To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/ Music by Purple PlanetRead transcript