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Fixed Fee Debt Recovery Lawyers Glasgow & Edinburgh

Recovering Interest on Debt in Scotland

In a challenging financial climate, unpaid debts can cause severe problems for businesses. From the earliest stage of the debt recovery process, our lawyers can help to ensure fast payment of all sums owed, including interest and expenses, and to take all necessary legal steps if you encounter problems with your debtor.

It will often be the case that matters can be resolved without the need for lengthy and expensive court action – we can draft demand letters on your behalf, so your debtor is fully aware of any outstanding payments and to inform them about the consequences if their debt is not settled. Having a member of our debt recovery team involved at this stage means that you will be well prepared should you require to take court action further down the line.

We have many years of experience acting on behalf of Scottish businesses of all sizes and across a wide range of commercial sectors. From small traders and start-ups to SMEs and large companies, our debt recovery lawyers are trusted to get the right results fast.

Whatever your circumstances, speak to one of our lawyers today to arrange a free consultation with our debt recovery teams in Glasgow and Edinburgh.

Debt Recovery Solicitors, Glasgow, Edinburgh, Shawlands, East Kilbride and Lanarkshire

If an individual or a company owes your business money, you should aim to recover that debt as a matter of urgency. Come in and speak to one of our Debt Recovery solicitors in Glasgow and Edinburgh now. We can recover your debt and any interest payable on the overdue amount.

Our Scottish debt recovery solicitors are highly experienced in this specialist area and will strive to ensure that you recover the MAXIMUM amount owed to you under Scots Law.

Interest on Late Commercial Payments

The law sets out how much interest can be charged when a business is seeking to recover outstanding debts. When the debt has accrued as part of a business-to-business transaction, ‘statutory interest' can be charged. ‘Statutory interest' is 8% plus the Bank of England's base rate for these types of transactions, which is changeable but is currently set at 0.5%.

For example, if your business is owed £1,000 and the Bank of England base rate remains at 0.5% the annual statutory interest owed would be £85 (1000 x 0.085). Dividing this by 365 gives you the daily interest owed (85 / 365 = 0.23) – for every day that payment is overdue, the sum owed will increase by 23p.

It is important to note that some commercial contracts will include provisions for interest to be paid on late payments. If this is the case, you cannot claim statutory interest as part of the debt recovery process.

Expenses

We will always seek to recover any expenses as part of your debt recovery claim. Our lawyers offer a transparent service and will go through with you all the potential cost associated with taking legal action so that you are fully aware of your options throughout.

Contact our Fixed Fee Expert Debt Recovery Lawyers in Glasgow, Edinburgh, Shawlands, East Kilbride and Lanarkshire

To find out how we can help you recover the debt owed to you on a fixed fee basis or to discuss any related issues, call us today on 0141 530 4629 or complete our online enquiry form and let us help you.

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Simplicity Legal helped make a very difficult situation bearable. I can't recommend Emma and the team highly enough.

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