Compound interest

Our client provided professional services to a company who subsequently did not pay the invoice sent to them for the services they had received.

The amount of the debt was £1,484.88 which resulted in our client being able to claim a further £303.57 in respect of interest in accordance with their terms and conditions at a rate of 1% per month from the date of the invoice.

There were 4 invoices in total, the oldest being a year old. The amount of interest claimed and recovered resulted in our costs for dealing with the claim being covered with the full debt amount and Court costs on top being sent to the client.

Due to the additional claim for interest having been made the client could offset the fees we had charged with this amount and didn’t lose out on any of their debt amount or have to pay more for our bill.