Exam Banners | Help Centre

Search for any help questions or topics.

Late Payment Information

Avatar
Elliott
Updated 6 months ago

If you have chosen to pay via purchase order, you will be given 30 days payment terms. Should you go over the 30-day payment terms please be advised of the following process in place and the financial implications to you. 

Automatic Payment Reminders

  • 14 days before the due date
  • 7 days before the due date
  • 3 days before the due date
  • Due date reminder

Late Payment Letters

  • 1 day overdue
    • 1st Request for payment – an email with letter and invoice attached. 
       
  • 5 days overdue
    • 2nd Request for payment – letter sent via Royal Mail signed for.
       
  • 15 days overdue
    • 3rd Request for payment – letter sent via Royal Mail signed for –  this letter will incur the £40 late payment compensation to the sum outstanding. 
       
  • 30 days overdue
    • Final Request for payment before action is taken – letter sent via Royal Mail signed for.

Please Note: We have a statutory right under the Late Payment of Commercial Debts Regulations 2013 to add interest and late payment compensation to the sum outstanding. This currently equates to £40.00 late payment compensation fee and statutory interest of 8% above the Bank of England base rate (fixed for the six month period within which date the invoice became overdue). 

Did this answer your question?
😞 😐 😃