Proclaim User Forum

Hi
Late payment interest is in our system as 8.75% (that's a base rate at some point in the past plus 8%), but given the recent changeability in the interest rates, it's not very useful, so fee earners are using contractual to get around it. However even that doesn't work as it should.

The claimant is entitled to claim interest at 8 % plus every base rate in between a debt becoming due and today.

So our system currently calculates the age of the debt in days and applies interest at 8.75% and gives a total interest and a daily rate.

What we need it to do is calculate the age of the debt and look up a reference table to find the base rate on the date the debt became overdue.
THEN calculate the number of days interest at that rate, and follow through the next interest rate in the table until the current date.

e.g. invoice A = £100. Became overdue on 01-01-2022 so it might have 30 days at rate x, 120 days at rate Y and 74 days at rate z.

Is this possible? What do other people use?

What's quickest way of getting the code written for this?
Many thanks, Julie

You need to access the Database and update the Maths field for Late Payment current bank base rate calc to add in the additional dates and rate changes by following the format in the code. Have to remember to update the field when the base rates change.....