We all have debts in different ways, it can be anything from electricity bills, telephone to loans. Often we receive notifications saying that this debt must be paid at some point.
It is best, of course, to pay this bill no later than on the due date. If this is not done, there is a risk of something called interest on late payment.
If a contract is written as the law says
A creditor has the right to start counting on interest rates from the end of the due date. If the claim is based on the fact that a party must have reported funds that he has received but did not do, then you start counting on interest rates from the date on which the report should have been made.
If there is no agreement on late interest, but there is information about such on the invoice, the creditor has the right to start calculating interest 30 days from the date of the invoice. If the invoice states that money must be paid within a shorter period, such as 14 days from the time the invoice is sent out, it makes no difference. The creditor cannot begin to count the interest rate until 30 days have passed.
If there is no written interest rate delay on the invoice, but that it has been stated on a payment reminder sent, the creditor can only start to calculate interest only 30 days after the reminder was sent out.
Size of interest on late payment
If both parties are traders and the debt has a connection with the exercise, the creditor has the right to charge interest on interest 30 days from the date of the invoice. This is regardless of whether there was anything written about this on the invoice or not. The same is true of government agencies and other public agencies.
If there is no agreement on the size of the interest rate, then this will be 8% above the level at which the reference rate is currently. It is the Good Finance that sets this interest rate and it can be adjusted twice a year.