Common use of Late, Missed or Overdue Payments Clause in Contracts

Late, Missed or Overdue Payments. If any Fee is not made for any reason (for example, if there are insufficient funds available in the nominated account), you will incur an administrative fee of £1.50. The administrative fee applies for every missed payment where an attempt is made to process a payment and it is returned by the relevant financial institution. Zoomo, without prejudice to its other rights, reserves the right to charge interest to the amount due at the rate of of 8% a year above HSBC Bank Plc base rate from time to time in force. Interest shall accrue on a daily basis on all unpaid sums and will apply from the due date for payment until actual payment is received by Zoomo in full (whether before or after judgment). This is without prejudice to Zoomo’s right to seek any late payment indemnity of £40 under the Late Payment of Commercial Debts (Interest) Act 1998, as amended and where applicable. Zoomo may also refer the matter to a debt collector or solicitor for collection of fees outstanding and repossession of the Bike, if applicable, in which case you will be liable to pay to Zoomo all fees and charges payable in respect of the debt collector’s fees (including any commission), costs associated with recovering possession of the Bike and solicitor’s fees on a full indemnity basis.

Late, Missed or Overdue Payments. If any Fee is not made for any reason (for example, if there are insufficient funds available in the nominated account), you will incur an administrative fee of £1.50. The administrative fee applies for every missed payment where an attempt is made to process a payment and it is returned by the relevant financial institution. Zoomo, without prejudice to its other rights, reserves the right to charge interest to the amount due at the rate of of 8% a year above HSBC Bank Plc base rate from time to time in force. Interest shall accrue on a daily basis on all unpaid sums and will apply from the due date for payment until actual payment is received by Zoomo in full (whether before or after judgment). This is without prejudice to Zoomo’s right to seek any late payment indemnity of £40 under the Late Payment of Commercial Debts (Interest) Act 1998Xxx 0000, as amended and where applicable. Zoomo may also refer the matter to a debt collector or solicitor for collection of fees outstanding and repossession of the Bike, if applicable, in which case you will be liable to pay to Zoomo all fees and charges payable in respect of the debt collector’s fees (including any commission), costs associated with recovering possession of the Bike and solicitor’s fees on a full indemnity basis.