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This option only applies to contracts formed on or after the 7th August 2002. For these contracts, in addition to interest the supplier may also charge an amount to compensate for the costs of collecting late payments.
The amount of compensation that can be claimed is determined by the amount outstanding as follows:
| Amount Owed | Compensation |
|---|---|
| up to 999.99 pounds | 40 pounds |
| 1000 to 9999.99 pounds | 70 pounds |
| 10000 pounds and over | 100 pounds |