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£4,106.74 County Court Judgment

Posted in May 2015

M3 Insurance have supplied commercial insurance products to businesses in the UK since 1978.

6 months overdue

M3 had provided several insurance products for their client, a storage company, for the last 5 years. Despite usually having to wait for up to 3 months, invoices were always eventually paid. Suspicions were aroused when a credit check was carried indicating the company had cash flow issues, these suspicions were confirmed as the account remained unpaid after 6 months.

The debt recovery procedure

M3 Insurance supplied us with a copy invoices and background information enabling us to issue an initial demand. The demand letter requested payment within 7 days and informed the debtor that legal action would follow if payment was not made.

We received a telephone call from the managing director of the storage company 7 days after issuing the initial demand, he assured us that full payment would follow within 7 days. After speaking with our client it was decided that we should complete pre-legal protocol procedures and issue a final demand.

As expected the final demand expired and no payment had been received. We recommended immediate legal action and issued a County Court claim on behalf of M3 through our specialists money claims solicitor Simon Burn.

This case is a good example of the additional costs a debtor faces when failing to pay a commercial invoice on time. The original amount outstanding was £3,600 including VAT, the amount claimed in Court rose to £4,106.74 after adding the following charges:

  • Late payment compensation £70.00
  • Late payment interest £151.74
  • Court fee £205.00
  • Solicitor’s issue fee £80.00

The Court’s verdict

The defendant failed to enter a defence or acknowledge service of the claim. The Court entered Judgment and issued a CCJ to the value of £4,106.74. The defendant has been ordered by the Court to settle the Judgment immediately.

 

Da Feefo

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