Statutory Interest Late Fee Calculator

 

*Late fee calculator is for informational purposes only. Sterling Debt Recovery assumes no implicit or explicit liability for the use of this tool.

The Late Payment Calculator

You can claim interest and debt recovery costs if another business is late paying for goods or a service.

If no agreement with the debtor exists, payment terms default to 30 days by statute. These terms apply from the date:

• the customer gets the invoice, or
• you deliver the goods or provide the service (if this is later)

You can agree a longer period for payments from one business to another – but if it’s longer than 60 days it must be fair to both businesses.

The calculator below will allow you to calculate the interest and late payment fees that can be added to overdue debts under the Late Payment Act.

The Act now also allows the addition of reasonable costs in recovering a debt. This means that in the majority of cases using a debt recovery agency such as Sterling can effectively be free of charge to the client, with the debtor covering the cost of recovery.

Please note that if your terms of business include alternative late payment interest rates and charges then you should use our Advanced Late Fee Calculator.

If you wish to calculate interest on multiple invoices for the same debtor then you should find our Multi Invoice Late Fee Calculator useful.