How does it work?
StatClaim successfully assists UK companies and institutions to tackle bad debts, late payers and to claim their statutory right to compensation and interest on late payments, under the Late Payment of Commercial Debts (Interest) Act 1998. By applying this legislation to your current debtors, we are able to provide a sympathetic, efficient and professional debt recovery service from as little as 2%.
In addition to turning an overdue invoice in to a significant asset, by providing you with a regular income stream, you will also benefit by having your own de-facto “in house” solicitor*, who can advise you on all your commercial and drafting requirements enabling you to achieve a significant cost saving on your current legal facility.
Furthermore, we can even claim compensation and interest on historic late payments (in the last 6 years) providing, potentially, tens of thousands in additional revenue.
Some of the benefits we offer are:
- Claim a minimum of £40 for every invoice paid late in the last 6 years;
- Benefit from “in house solicitor”;
- We take care of the whole process from start to finish;
- Retrieve ‘cold case files’ that may have been written off too soon; and
- Review of your contracts, agreements and current disputes (if any).
Who is it for?
Whilst we currently provide this service predominantly to B2B finance and leasing companies, any UK company who regularly issues a reasonable volume of invoices can benefit from this unique service. Even if your company only issues a small number of invoices and experiences late payment of these invoices on a regular basis, you will also benefit from this service, particularly if you have suffered late payments going back over a six year period.
How much does it cost?
IT’S FREE! – as you will also receive 100% of the statutory compensation and interest that is due to you since we are able to derive our fee from a small administration fee that is levied against the late paying customer.
For us to recover your overdue invoices, you will only ever pay a maximum of 8% of the value of the invoice and this is on a strictly ‘no win no fee basis’. Depending on the volume of invoices that you refer to us, this may be much lower – many of our clients pay an average of just 2% of the invoice value.