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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 c
by nraynaud 10y ago
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.
- koolba 10y agoWhat'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..."
- nraynaud 10y agoSo, 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.
- willyt 10y agoUK 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_Debts_(Interest)_Act_1998 https://en.wikipedia.org/wiki/Late_Payment_of_Commercial_Deb...
- apercu 10y agoI wish they'd do this in Canada.