2 min read
Enforce and chase
Apply your right to statutory interest and compensation on the overdue invoice, and chase firmly. See how to chase overdue invoices and the late payment calculator.
Bridge the shortfall
Meanwhile, invoice finance or a short facility releases the cash tied up in the invoice now, so a late payer does not choke your own payments. It is repaid when the customer settles.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Can I charge a late customer interest?
Yes. UK law entitles you to statutory interest of 8% above base rate on overdue commercial debts, plus fixed compensation. Applying it can also improve future payment behaviour.
How do I get cash before the customer pays?
Invoice finance advances most of the invoice value immediately, settling when the customer pays. A short facility does the same in effect, bridging the gap.
Related reading
How do I cover payroll when cash is tight?
Payroll is the one bill you cannot delay, so bridge a temporary gap rather than risk missing it — chase what…
Read →
How do I reduce my debtor days?
Get paid faster by setting clear terms up front, invoicing promptly, chasing early, and rewarding prompt…
Read →
What is invoice finance and how does it work?
Invoice finance advances you most of the value of an unpaid invoice straight away, then settles when your…
Read →
Dealing with a Late-Paying Business Customer
A structured escalation process — from polite reminder to formal letter before action — recovers the majority…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.