Viivästymismaksun

Viivästymismaksu is a Finnish term that translates to "late payment fee" or "late charge." It is a sum of money that a debtor must pay to a creditor as a penalty for failing to make a payment by the agreed-upon due date. This fee is typically stipulated in a contract or loan agreement between the parties involved.

The purpose of a viivästymismaksu is to compensate the creditor for the financial loss and inconvenience incurred due to the delayed payment. This can include the loss of potential interest earnings, administrative costs associated with pursuing the debt, and the general disruption to cash flow. The amount of the fee is often a fixed sum or a percentage of the outstanding amount, and it may accrue daily or monthly until the payment is received.

Finnish law regulates late payment fees. The interest rate for late payments on consumer debts is set by the Bank of Finland and is subject to change. For commercial transactions, the parties can agree on a higher rate, but it must still be reasonable and not considered usurious. If a dispute arises regarding the amount or applicability of a viivästymismaksu, it can be resolved through legal proceedings or mediation. Consumers have specific protections under Finnish consumer protection laws regarding late fees.