Commercial Late Payment Statutory Interest & Legal Fee Calculator
Calculate legally enforceable late payment interest, statutory compensation fees, and per-diem accruals on overdue commercial invoices under UK Late Payment Legislation, EU Commercial Directives, and US State Prompt Payment Acts.Documentation & FAQs ↓
FORMAL NOTICE OF LATE PAYMENT & STATUTORY INTEREST DEMAND Date: 2026-10-07 To: Acme Corp Global Ltd (Accounts Payable) From: AnshuTechy Digital Agency Invoice Reference: INV-2026-0842 Dear Accounts Payable Department, RE: OVERDUE PAYMENT FOR INVOICE INV-2026-0842 – STATUTORY INTEREST CLAIM We are writing regarding Invoice INV-2026-0842 in the original sum of £4,500, which fell strictly due on 2026-08-01 and remains unsettled as of today (2026-10-01). This invoice is now 61 days overdue. In accordance with our contractual rights and the provisions of the Late Payment of Commercial Debts (Interest) Act 1998: 1. Statutory Interest has accrued at the rate of 13.00% per annum (Bank of England Base Rate + statutory addition) amounting to: £97.77. 2. Statutory Fixed Debt Recovery Compensation Fee: £70.00. TOTAL AMOUNT PRESENTLY DUE: £4667.77 BREAKDOWN OF DEBT: - Original Principal Invoice: £4,500 - Accrued Statutory Interest (61 days): £97.77 - Statutory Debt Recovery Compensation: £70.00 - Daily Interest Accumulation Rate: £1.60/day Please arrange full settlement of £4667.77 within seven (7) business days from the receipt of this notice. Please wire settlement to our designated bank account on file. Failure to remit payment by this deadline may result in formal legal proceedings without further warning, where all additional collection costs and court fees will be sought. Sincerely, AnshuTechy Digital Agency Credit Management & Legal Accounts
Step-by-Step Instructions
4 Steps to CompletionEnter the gross unpaid invoice amount, original invoice date, and agreed payment due date (typically 30 days).
Select your legal jurisdiction (UK Statutory, EU Commercial Directive, US Prompt Payment, or custom contractual APR).
Specify the benchmark reference rate (e.g., current Bank of England base rate or ECB main refinancing rate).
Generate the itemized debt breakdown displaying principal, days overdue, daily per-diem accrual, statutory fee, and formal demand text.
Practical Use Cases & Real-World Scenarios
Multi-Jurisdiction Legal Frameworks
Calculates interest under UK Late Payment of Commercial Debts Act (Bank of England Base + 8%), EU Directive 2011/7/EU (ECB + 8%), and US State statutory rates (typically 1–1.5%/month).
Tiered Statutory Compensation Fees
Automatically appends fixed debt recovery costs (£40 for <£1,000, £70 for <£10,000, £100 for £10,000+) mandated by statute.
Exact Per-Diem Daily Accrual Clocks
Computes daily interest rates down to the penny (Daily Rate = [Invoice Amount x Annual Rate%] / 365) multiplied by exact calendar days overdue.
Professional Demand Letter Generator
Formats a ready-to-send formal payment demand letter complete with statutory citations, itemized interest schedules, and legal notice clauses.
Frequently Asked Questions
Can businesses legally charge statutory interest even if not mentioned in the contract?↓
What is the standard statutory interest rate in the UK?↓
What are statutory debt recovery compensation fees?↓
How is daily per-diem interest calculated on an overdue invoice?↓
Does statutory late payment interest apply to consumer (B2C) debts?↓
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