Which conditions must be met for late payment interest to be claimed?
A series of conditions must be met for the creditor to be able to claim late payment interest from the debtor:
The debt must have matured, that is, the stipulated payment date has already passed. The debt can only be money. The payment of late payment interest in the event of default must have been expressly agreed and appear in the relevant agreement. This interest can be claimed whenever the contrary has not been agreed.
How is late payment interest calculated?
To calculate late payment interest there is a very simple formula:
Late payment interest = (amount we owe) x (delay / 365 days) x (late payment interest rate)
Late payment interest on mortgage loans
In the case of mortgage loans, the new mortgage law establishes that late payment interest may not exceed the interest that the consumer usually pays by more than three percentage points.