Viivästysmaksun

Viivästysmaksun is a Finnish term that translates to "late payment fee" or "late interest" in English. It refers to a penalty charged when a payment is not made by its due date. This concept is common in various financial transactions, including consumer credit, loans, and invoices.

The purpose of a viivästysmaksun is to compensate the creditor for the financial inconvenience and risk associated with delayed payment. It also serves as an incentive for the debtor to make timely payments. The specific amount or interest rate of a viivästysmaksun is often determined by law or by the terms and conditions agreed upon in a contract. In Finland, consumer protection laws regulate the maximum permissible rate for late interest on consumer credit.

When a payment is overdue, the creditor typically has the right to charge this fee. The calculation usually starts from the day after the due date until the date the payment is actually received. It is important for both parties to be aware of the contractual terms regarding late payments to avoid misunderstandings and potential disputes. The application of a viivästysmaksun should be clearly communicated to the debtor.