Late Payment

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Late Payment

A debt service payment made after the end of a grace period. That is, a late payment may be made more than 30 days after the original due date. There may be late fees attached to late payments.

Late Payment

A payment made after the grace period stipulated in the note,usually 10-15 days.
References in periodicals archive ?
Nationally, the communications, transport and construction industries are most likely to be affected by late payments (86%, 72% and 70%, respectively).
This is slightly lower than the national average of 63 per cent of firms across the UK holding late payments culpable for lack of available capital to invest in growth strategies.
Bacs newest late payments research shows a third of SMEs reporting that big businesses are behind late bill settlement.
Late payments touched their lowest point in three years in April, and payments late by 35 days or more fell to 3.
Dealing with private entities while facing the problems of the late payments, the "Law on the prevention of the late payment in commercial transactions" should be taken into account.
Making a late payment can have other consequences, such as hurting your credit score.
If you find an inaccuracy, maybe a wrong address or you paid a bill on time, but the record shows late payment, the first thing you should do is to go to the original creditor," she says.
Michael Chambers, managing director of BACS Payment Schemes Ltd said: 'If only a small percentage of companies concerned about late payments found themselves in a situation where they were unable to pay their staff on time, businesses would not be able to cope.
It is the Service's position that businesses required to use EFTPS, but which instead make deposits with a Federal tax deposit coupon at an authorized depository, will be subject to a 10% late payment penalty because the deposit will not have been made "in the manner required" by the Code.
The problem is that many people routinely ignore the due date and delay paying their bills until the late payment deadline.
com/research/6a41ef/tips_tricks_str) has announced the addition of the "Tips, Tricks & Strategies for Collecting Late Payments from Your Clients - What Lawyers Need to Know About Different Strategies From Gentle and Subtle to the Most Aggressive (and the Benefits and Risks of Both)" audioconference to their offering.
Newcastle-based computing firm Sage has launched a Late Payments Manifesto and an e-petition which aims to get all businesses to commit to monthly payments and reduce the problems facing companies further down the supply chain.