FAQ – Payment Policy

Net 30 Payment Policy

At Carson's Castles, we operate on a Net 30 payment policy for all invoices. This means payment is due within 30 calendar days from the invoice date.

Key Points:

  1. Friendly Reminder:
    We send a friendly reminder just before the payment due date to ensure you stay informed.
  2. Administrative Charge for Overdue Payments:
    • If payment is not received within 14 days after the due date, an administrative charge of £50 will be applied to the overdue invoice.
    • Additionally, any other invoices that are not yet due will become immediately payable in full.
  3. Statutory Interest on Payments Overdue by 30+ Days:
    • For invoices overdue by 30 days or more, statutory interest will be added at a rate of 8% plus the Bank of England base rate. This will be calculated on the overdue balance from the original due date until payment is made in full.
  4. Debt Recovery Action:
    • If payment is not made and the balance remains unpaid beyond 30 days overdue, we reserve the right to pass the debt onto a recovery agency.
    • Additional charges incurred during this process will also be added to the outstanding balance.

Example for Clarity:

  • Invoice Amount: £100
  • Invoice Date: 1st January
  • Payment Due Date: 31st January (Net 30 policy)
  1. If unpaid by 14th February (14 days overdue):
    • An administrative charge of £50 is added to the invoice.
    • New Balance Due: £100 + £50 = £150
  2. If unpaid by 2nd March (30 days overdue):
    • Statutory interest is applied at 8% + Bank of England base rate (e.g., 0.5%) = 8.5% per annum.
    • Daily Interest Rate: 8.5% ÷ 365 = 0.02329%
    • Interest for 30 days (on £100): £100 × 0.02329% × 30 = £0.70
    • New Balance Due: £150 + £0.70 = £150.70

Interest continues to accrue daily until the full balance is paid.

This policy helps us maintain smooth operations and ensures fairness across all transactions. If you have any questions, please don't hesitate to contact us.