The Bank of England's Interest Rate announcement of the 18th December 2025 reduced the rate to 3.75%. This means the applicable rate for the Late Payment Interest calculations from the 1st January 2026 onwards will be 3.75%.
Changes can be made to your Proclaim system now to anticipate this change.
To amend the Late Payment interest calculations, please follow the steps below:
Open Database Maintenance and from the case type dropdown select Debt Debtors
Locate the field Debt - Schedule Late Payment current bank base rate calc and open the Editor to access the maths
Note - this field may have a different name in older versions of Debt which are not running the tabulated debt schedule, however, it should be identifiable from the presence of "Late Payment current bank base rate calc"Find the following section at the very end of the maths:
# ==========
# Default rate
# ==========
IF n-rate = 0.00 THEN
n-rate = 3.75
END
END
END
result = n-rateDelete this.
Add the following to the bottom of the maths in place:
IF n-rate = 0.00 THEN
start-date = DAYS-FROM-TODAY( "01/07/2025" )
end-date = DAYS-FROM-TODAY( "31/12/2025" )
IF n-days >= start-date AND n-days <= end-date THEN
n-rate = 4.25
END
END
# ==========
# Default rate
# ==========
IF n-rate = 0.00 THEN
n-rate = 3.75
END
END
END
result = n-rate
Alternatively, you can copy and paste the whole maths from the attached .txt file.