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If interest is not stated in the contract can I charge 2%

If interest is not...

If interest is not stated in the contract can I charge 2% per month on late payements?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Northern Cape

Accountant's Assistant: Has anything been filed or reported?

No

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No thanks, ***** ***** to know if I can charge the 2% per month or only the 9.5% per annum

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Answered in 32 minutes by:
7/18/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,795
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Where there is no prior agreement as to interest, the rate of interest is prescribed by the Prescribed Rate of Interest Act. The interest rate on debts is determined by law and fluctuates. The rate of interest is currently 10.5% per year.

The following link contains excellent information you will find helpful:

http://www.goldbergdevilliers.co.za/news_article.asp?NewsID=234

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,795
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for the positive rating of my answer. It is very much appreciated!

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Customer reply replied 7 months ago
Thank you for the info, just what I needed. Have a awesome day. God Bless

My pleasure.

God Bless You as well.

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Barbara
Barbara
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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