interest on rent arrears

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Is the 3% above Bank of Scotland base rate referred to in the RLA AST agreement charged daily or is it landlords choice and therefore not specified?
If daily on 100 would it be 3.50 on day one, then 103.50 + 3.5% on day two and so on.
My tenant has owed some arrears for 76 days and although the rent is paid monthly,the arrears of less than a months rent, remain untouched.
I feel he's using me as a free overdraft facility and want to give him some impetuous to pay the outstanding without giving him notice.
Thanks for your help
17/01/2012 00:00

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