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0 pointsnraynaud9y ago0 comments

Here in France the minimal penalty rate is set by law, and it's mandatory to put it on every bill, with the payment terms now. It's part of a crackdown on big companies crushing the smaller ones with unreasonable payment times.

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koolba9y ago· 1 in thread

What's the min penalty? The usual one I add is something along the lines of:

"Late payments shall accrue interest that is compounded 1.5% per month or the maximum amount allowed by law, whichever is less..."

nraynaudOP9y ago

So, the minimal interest rate is 2.79% (it looks like it's 3 times some kind of legal stuff). Interestingly enough, there is no VAT on it, but it's computed on the VAT price.

The debt collection fee is 40€, It seems to be fixed in law, and not a minimum.

willyt9y ago

UK has this too. Late Payments of Commercial Debts (Interest) Act. I think it is implementing an EU directive.

https://en.wikipedia.org/wiki/Late_Payment_of_Commercial_Deb...

apercu9y ago

I wish they'd do this in Canada.

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