Here's what it means, and what you can do.
One of your former suppliers has gone into liquidation. Its right to statutory interest on invoices your business paid late has been passed to us, and our letter sets out exactly what that comes to.
The schedule looks right
Pay the total by the date in your letter, by bank transfer, quoting your payment reference.
Something looks wrong
Different terms agreed, an invoice disputed at the time, or dates that don't match your records? Email us within 30 days with your reference and any documents. A person reviews everything before anything else happens.
You need more time
If paying in one go is difficult, get in touch. We'd much rather agree something realistic than let it drag on.
Interest for the days late, plus a fixed sum
Under the Late Payment of Commercial Debts (Interest) Act 1998, when a business pays another business's invoice after it was due, the supplier is entitled to simple interest at 8% above the Bank of England base rate for the days it was late, and a fixed sum of £40, £70 or £100 depending on the size of the invoice.
The figures come from your supplier's own accounting records. Your letter lists every invoice, so you can check each one against yours.
Example: one invoice
| Invoice amount | £2,400.00 |
| Paid after the due date | 30 days |
| Interest (11.75% a year × 30 days) | £23.18 |
| Fixed sum (invoice £1,000–£9,999.99) | £70.00 |
| Owed on this invoice | £93.18 |
Before you reply
We paid the invoices in full. Why is anything owed?
The Act gives the supplier a separate right to interest and a fixed sum when an invoice is paid after it was due, even if it was later paid in full. The schedule shows exactly which invoices were paid late and by how many days.
We had longer payment terms agreed with the supplier.
Then tell us and send a copy of the terms, or correspondence that shows them. Where agreed terms change a due date, we recalculate or withdraw the affected invoices.
Has a court case been started?
No. Our letter is a notice of assignment and a statement of the amount. It is not a court document, and no proceedings have been started.
How do I know this is genuine?
Daycount is a trading name of Northfin Ltd, company number 15923969, which you can check on the Companies House register. You can also contact the supplier's liquidator, whose details are published in The Gazette. You can also enter the access code from your letter on our payment page: it shows the same schedule and bank account as the letter. We will only ever ask you to pay that account.
What if I'm unhappy with how you've dealt with me?
Please tell us. Our complaints procedure explains what happens and how quickly.