{"id":2144,"date":"2025-11-17T12:34:21","date_gmt":"2025-11-17T12:34:21","guid":{"rendered":"https:\/\/isquaredemo.com\/MLT\/threegraceslegal\/?page_id=2144"},"modified":"2025-11-18T07:11:04","modified_gmt":"2025-11-18T07:11:04","slug":"how-much-interest-can-i-charge-on-late-payments","status":"publish","type":"page","link":"https:\/\/isquaredemo.com\/MLT\/threegraceslegal\/business\/debt-recovery\/how-much-interest-can-i-charge-on-late-payments\/","title":{"rendered":"How Much Interest Can I Charge on Late Payments?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2144\" class=\"elementor elementor-2144\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-13f0898f e-con-full Inner-banner-section e-flex e-con e-parent\" data-id=\"13f0898f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1f51d6de e-con-full Inner-banner e-flex e-con e-child\" data-id=\"1f51d6de\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-13260c8f e-flex e-con-boxed e-con e-child\" data-id=\"13260c8f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-79eca596 elementor-widget elementor-widget-heading\" data-id=\"79eca596\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">How Much Interest Can I Charge on Late Payments?\n<\/h1>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3e70d1a7 e-con-full Breadcrumb_template e-flex e-con e-parent\" data-id=\"3e70d1a7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-413db850 elementor-widget elementor-widget-template\" data-id=\"413db850\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"1076\" class=\"elementor elementor-1076\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-360665ce e-con-full Breadcrumb-section e-flex e-con e-parent\" data-id=\"360665ce\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-4eba893c e-con-full Breadcrumb e-flex e-con e-child\" data-id=\"4eba893c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-39389b50 elementor-align-left elementor-widget elementor-widget-breadcrumbs\" data-id=\"39389b50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"breadcrumbs.default\">\n\t\t\t\t\t<p id=\"breadcrumbs\"><span><span><a href=\"https:\/\/isquaredemo.com\/MLT\/threegraceslegal\/\">Home<\/a><\/span><\/span><\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-590a5961 e-con-full content-box e-flex e-con e-parent\" data-id=\"590a5961\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-274741bc e-con-full content-box-full e-flex e-con e-child\" data-id=\"274741bc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-bcf5712 e-con-full content-side-right e-flex e-con e-child\" data-id=\"bcf5712\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-584aafcd elementor-widget elementor-widget-heading\" data-id=\"584aafcd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Much Interest Can I Charge on Late Payments?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6af5dfe0 elementor-widget elementor-widget-text-editor\" data-id=\"6af5dfe0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Late payment of commercial debt is a big problem for many businesses. Not only is it frustrating to have to chase what you are owed, but unpaid debt can also cause serious cash flow issues, especially for smaller companies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b62eb1 elementor-widget elementor-widget-text-editor\" data-id=\"9b62eb1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/isquaredemo.com\/MLT\/threegraceslegal\/business\/debt-recovery\/claiming-interest-and-recovery-payments-for-late-payments\">Charging interest on late payments<\/a>\u00a0is an important tool to both encourage prompt payment and reimburse businesses for the inconvenience caused when they have to wait longer than expected to receive their money. However, it is also vital to ensure your interest rates keep you on the right side of the law. Failure to do this may open you up to legal liability, which can have far more serious financial consequences.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-03327db elementor-widget elementor-widget-text-editor\" data-id=\"03327db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If you would like to discuss your options or find out more, speak to a member of our team today. Call us on\u00a0<span class=\"InfinityNumber clickable\"><a href=\"tel:+441514536705\">0151 453 6705<\/a><\/span>\u00a0or complete our\u00a0<a href=\"https:\/\/isquaredemo.com\/MLT\/threegraceslegal\/contact-us\">online enquiry form<\/a>\u00a0and we will be back in touch.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-194f87b3 elementor-widget elementor-widget-heading\" data-id=\"194f87b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contract interest\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e8b92b6 elementor-widget elementor-widget-text-editor\" data-id=\"2e8b92b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The first port of call when considering the amount of interest you should charge is any contract you entered into with the debtor. Many business contracts will specify the rate of interest you can charge in the event of late payment. If you do not have a written agreement, it is still worth checking if you negotiated an interest rate by email or through other means.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb54e0f elementor-widget elementor-widget-heading\" data-id=\"bb54e0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Statutory interest\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b2069d1 elementor-widget elementor-widget-text-editor\" data-id=\"3b2069d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If you do not have a contractually agreed interest rate, you can charge interest on late payments at the statutory interest rate. This is 8% above the Bank of England base interest rate. For example, if the base rate were 1%, the total interest chargeable would be 9%.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79cd86ad elementor-widget elementor-widget-heading\" data-id=\"79cd86ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">My contract rate is higher or lower than the statutory interest rate, is this legal?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35e3471 elementor-widget elementor-widget-text-editor\" data-id=\"35e3471\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Yes. The statutory interest rate is not a legal requirement. It acts as a default which only applies if your contract does not specify a specific rate. This means that contracts which specify higher or lower rates are entirely legal.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-94e5047 elementor-widget elementor-widget-heading\" data-id=\"94e5047\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Can my business charge the statutory rate of interest instead of the contract rate?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9ed22ad elementor-widget elementor-widget-text-editor\" data-id=\"9ed22ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>No. The statutory interest rate acts as a default if no contract rate has been specified, but it cannot replace an existing interest rate under a contract. For example, if a contract has an interest rate of 5% and payments are made late, interest can still only be charged at 5% even though the statutory rate is higher.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3750a03 elementor-widget elementor-widget-heading\" data-id=\"3750a03\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contact our Debt Recovery Solicitors today\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b07c22a elementor-widget elementor-widget-text-editor\" data-id=\"4b07c22a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>At Three Graces Legal, we understand how frustrating it can be to chase late payments and appreciate the negative impact this can have on the financial wellbeing of your business. Get in touch today to find out how we can help you safeguard your company\u2019s finances and recoup the economic damage caused by late payments. Call us today for free initial advice on\u00a0<span class=\"InfinityNumber clickable\"><a href=\"tel:+441514536705\">0151 453 6705<\/a><\/span>\u00a0or complete our\u00a0<a href=\"https:\/\/isquaredemo.com\/MLT\/threegraceslegal\/contact-us\">online contact form<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ea27a87 e-con-full right-side e-flex e-con e-child\" data-id=\"ea27a87\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1a2c4daa e-con-full Make_free_enquiry_template e-flex e-con e-child\" data-id=\"1a2c4daa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3ed59a79 elementor-widget elementor-widget-template\" data-id=\"3ed59a79\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div 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data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"tel:+441514536705\">0151 453 6705<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d8c3508 elementor-widget elementor-widget-shortcode\" data-id=\"2d8c3508\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\">\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f946-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"946\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/MLT\/threegraceslegal\/wp-json\/wp\/v2\/pages\/2144#wpcf7-f946-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"946\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f946-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/>\n<\/fieldset>\n<div class=\"Make-enquiry\">\n\t<div class=\"box\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" autocomplete=\"name\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Name\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"box\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"tel-623\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-tel wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-tel\" aria-required=\"true\" aria-invalid=\"false\" 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How Much Interest Can I Charge on Late Payments? Late payment of commercial debt is a big problem for many businesses. Not only is it frustrating to have to chase what you are owed, but unpaid debt can also cause serious cash flow issues, especially for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":756,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-2144","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Late Payment Interest, Debt Lawyers Liverpool | Three Graces<\/title>\n<meta name=\"description\" content=\"Three Graces Legal&#039;s specialist solicitors in Sheffield provide advice on Commercial Dispute Resolution, Debt Recovery &amp; Enforcement. 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