Calculating the late payment interest

This web-site includes a calculator for working out the amount of interest that can be claimed. It can also work out the amount of compensation that can be claimed. If you are intending to take legal action to reclaim the money, the calculator also provides you with suitable wording for your claim. [Calculator updated to include rates - up to end of 2009.]

Late Payment Calculator

Date Due:
Amount Due:

The contract to which the debt relates was formed on or after 7th August 2002.

If the amount has been paid, enter the date of payment below. If the amount is still outstanding use the current date.

Date paid/current:

		Debt amount:	£-
Interest Rate:	£$interestamount	Daily rate:	£-
From:	-
To:	-	Interest:	£-
		Compensation:	£-
		Total:	£-

"The claimant claims interest under the Late Payment of Commercial Debts (Interest) Act 1998 at the rate of ? from ? to ? in the sum of ? and continuing at the same rate up to the date of judgment or earlier payment at the daily rate of ?"

"The claimant claims compensation arising from late payment under section 5A of the Late Payment of Commercial Debts (Interest) Act 1998. Under the table of compensation set out in this provision, ? is owed."

This calculator does not hande claims before 7th August 2002. Different rules applied between 1998 & 2002. Claims could only be for interest (no compensation amount) and interest was calculated on the then current base rate. You can only claim for debts up to 6 years old anyway.

www.late-payment-law.co.uk

To use the calculator you will need to know the date on which the payment was due, date paid (if debt has been paid) and the amount of the debt.

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