• How do I calculate Late Payment Interest?

    To calculate the interest due on a late payment, the amount of the debt should be multiplied by the number of days for which the payment is late, multiplied by daily late payment interest rate in operation on the date the payment became overdue.

    For example:

    Amount of debt:           €1000

    Number of days late:   25 days

    Late Payment Interest rate in operation on the date the payment became overdue: 8.00%

    Daily interest rate in operation on payment date: 0.022%

    Calculation as follows:

    1000 x 25 x 0.022 = 550 = €5.50 (550 divided by 100)

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