Rebel Boy Media Late Payment Policy

I. Policy Statement

At Rebel Boy Media, we are committed to maintaining a strong business relationship with our customers. This policy outlines our approach to managing overdue payments in line with the Late Payment of Commercial Debts (Interest) Act 1998, as updated in 2002, 2013, and further by the Late Payment of Commercial Debts (No. 2) Regulations 2013.

II. Payment Terms

Our standard payment term for all invoices is Payment in Advance of the delivery of goods or services.

III. Overdue Payments

If the payment is not received within the standard payment term, the debt is considered overdue. At 30 days, Rebel Boy Media reserves the right to:

1. Interest Charge: Apply a statutory interest charge on the overdue payment. This is calculated at 8% plus the Bank of England base rate on the day the payment became overdue.
2. Fixed Sum Compensation: Apply a fixed sum to cover the cost of debt recovery. This fixed sum is £40 for debts less than £1,000, £70 for debts between £1,000 and £10,000, and £100 for debts over £10,000.
3. Reasonable Recovery Costs: If our costs of recovering the debt exceed the fixed sum compensation, we may also claim reasonable recovery costs.

IV. Legal Proceedings and Costs

If the payment is not made after our initial attempts to recover the debt, we may initiate legal proceedings through the Small Claims Court. Should this become necessary, Rebel Boy Media also reserves the right to recover any court costs from the customer. The court costs will be calculated based on the Court's published fee scale.

Any successful claim made against the client will result in a County Court Judgement (CCJ) being issued against them. A CCJ can seriously affect your credit rating and will remain on your credit file for 6 years unless paid in full within 30 days of the judgement.

V. Communication

Customers will be notified promptly of any late payment charges or legal proceedings. It is Rebel Boy Media’s preference to resolve any payment issues amicably and promptly to maintain a positive business relationship.

VI. Contact

Customers are encouraged to reach out to our Accounts Department if they anticipate any difficulty in making payment within the stated term.

VII. Review

This policy is subject to regular review and may be amended from time to time. The latest version will be communicated to our customers and will supersede previous versions.

VIII. Credit Reference Agencies

In accordance with UK data protection laws, please note that late payments and payment history may be reported to credit reference agencies. Adverse payment behavior, including consistently late or missed payments, could seriously affect your ability to obtain credit in the future.

This policy aims to ensure Rebel Boy Media conducts its business in a transparent, fair and legally compliant manner. If you do experience any payment problems, it's best to contact us before action is taken. We are always willing to work with clients who identify a potential issue and start communicating with us when a payment is due to to fall overdue.