Late Payment Fee & Statutory Interest Studio

Comprehensive overdue debt engine: Daily/monthly interest with flat penalties, UK/EU statutory debt compensation, and 1-click legal demand notices.

Workspace Currency

Original Invoice Amount

Days Overdue Past Due Date

Annual Contract Interest Rate (% per year)

One-Time Flat Administrative Penalty ($)

TOTAL AMOUNT NOW DUE

$2,580.82

Accrued Interest (45 days) $30.82

Flat Late Fee $50.00

Daily Interest Burn $0.68 / day

Original Principal $2,500.00

UK Late Payment of Commercial Debts Act 1998 & EU Directive 2011/7/EU allows businesses to automatically claim statutory compensation + 8% above central bank base rate.

Overdue Invoice Balance (£/€)

Central Bank Reference Base Rate (%)

Days Overdue

LEGAL STATUTORY CLAIM TOTAL

£3,646.68

Statutory Fixed Recovery Compensation £70.00

Statutory Rate (Base 5.25% + 8.0%) 13.25% / yr

Statutory Interest Accrued £76.68

Statutory Bands: <£1k = £40 | £1k-£10k = £70 | >£10k = £100

Ready-to-send formal payment demand notice with statutory interest breakdown.

How Late Payment Interest is Calculated

Under statutory late commercial payment laws (such as UK Late Payment of Commercial Debts or standard US commercial interest), interest accrues on a daily basis:

Daily Interest = (Invoice Amount × Annual Rate %) / 365
Total Late Fee = Daily Interest × Days Overdue + Admin Fee

Statutory Compensation Rights

In the UK and European Union, businesses are legally entitled to charge fixed compensation for debt recovery costs (£40, £70, or £100 per invoice) plus statutory interest set at 8% above the central bank reference rate.

Prevent Overdue Invoices with BillMaster97

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