Can someone please clarify for me the following - does that mean the recovery costs do not require receipts? In that the creditor is entitled to that amount?
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Q7. How much compensation am I allowed?
Compensation for the recovery costs of the debt should be paid automatically to the supplier without the necessity of a reminder. The Regulations provide that the following 'Flat Rates' can be used:
Amount of late payment (i.e. Invoice Value)
Compensation
Not exceeding €1000 - €40
Exceeding €1000 but not exceeding €10,000 - €70
Exceeding €10,000 - €100
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[broken link removed]
Q7. How much compensation am I allowed?
Compensation for the recovery costs of the debt should be paid automatically to the supplier without the necessity of a reminder. The Regulations provide that the following 'Flat Rates' can be used:
Amount of late payment (i.e. Invoice Value)
Compensation
Not exceeding €1000 - €40
Exceeding €1000 but not exceeding €10,000 - €70
Exceeding €10,000 - €100