On Sun, 06 Jun 2010 18:29:24 +0100, Bruce wrote:

The trouble is, they take the 2.5% discount and then don't pay for at
least three months, and sometimes as much as six months. And the bar
stewards still take their 2.5%!

So the client invokes their statuary rights under the Late Payment of
Commercial Debt. Interest charged daily at 8% above BoE base rate(*)
on the full debt from the day payment becomes late until the debt is
fully repaid, along with a penalty charge of £40 for debts up to
£999.99, higher for larger debts.

http://www.payontime.co.uk/

Of course one may have these rights but actually getting the cash out
of someone may still pose it's own set of problems.

(*) The default interest rate is actually set for 6 month periods
based on 8% above the BoE base rate on the 31st Dec for Jan to June
or 30th June for Jul to Dec. So paying late is not a cheap, or free,
loan to ease cash flow.

--
Cheers
Dave.